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Solana Price Analysis: SOL continues to consolidate, break higher to follow?

Solana Price analysis

TL;DR Breakdown

  • Solana price analysis is bullish today.
  • SOL/USD still holds below $148.
  • Slightly higher lows were set yesterday.

Solana price analysis is bullish today as we expect the current consolidation to end with a break higher. Likely, SOL/USD will move past the $148 local resistance and look to finally retrace the previous loss.

Solana Price Analysis: SOL continues to consolidate, break higher to follow? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen bullish momentum return over the last 24 hours. The market leader, Bitcoin, has increased by 0.54 percent, while Ethereum by 1.61 percent. Meanwhile, Solana (SOL) trades with a similar gain of 1.47 percent.

Solana price movement in the last 24 hours: Solana sets both local higher low and lower high

SOL/USD traded in a range of $138.66 – $145.44, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 50.84 percent, totaling $1.28 billion. Meanwhile, the total market cap trades around $44.2 billion, ranking the coin in 5th place overall.

SOL/USD 4-hour chart: SOL prepares to break higher?

On the 4-hour chart, we can see the consolidation continue for the Solana price action, likely as bulls prepare to finally retrace previous loss.

Solana Price Analysis: SOL continued to consolidate, break higher to follow?
SOL/USD 4-hour chart. Source: TradingView

The Solana price action saw another selloff last week. After several days of consolidation above $168, a strong break lower followed on the 5th of January.

SOL/USD reached further downside on the 7th of January, as the $135 finally offered strong support. Since then, the market has retraced to $148, where local resistance was established.

Over the weekend, the Solana price action moved sideways without clear direction. We can assume that bears are finally exhausted, potentially meaning that a strong retracement is to be seen over the next days.

Solana Price Analysis: Conclusion 

Solana price analysis is bullish today as we saw the $1.48 resistance retested again, followed by another higher low set overnight. Therefore, we assume SOL/USD prepares to break higher and regain some of the last week`s loss.

While waiting for Solana to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.

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Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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