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Solana Price Analysis: SOL tests more upside at $144, prepares to reverse?

Solana Price analysis

TL;DR Breakdown

  • Solana price analysis is bearish today.
  • SOL/USD saw upside rejected again.
  • Resistance was found at $144.

Solana price analysis is bearish today as we expect a reversal to follow after another test of upside today. Likely bulls are now exhausted and SOL/USD is ready to push lower again.

Solana Price Analysis: SOL tests more upside at $144, prepares to reverse? 1
Cryptocurrency heat map. Source: Coin360

The market has seen bullish momentum return over the last 24 hours. The market leader, Bitcoin, has gained 2.84 percent, while Ethereum a substantial 5.05 percent. Solana (SOL) saw similar results, with a gain of 5.05 percent.

Solana price movement in the last 24 hours: Solana retraced the previous decline

SOL/USD traded in a range of $134.64 – $143.78, indicating substantial volatility over the last 24 hours. Trading volume has declined by 23.17 percent, totaling $1.612 billion, while the total market cap trades around $44.33 billion, ranking the coin in 5th place overall.

SOL/USD 4-hour chart: SOL rejects more upside

On the 4-hour chart, we can see the Solana price making another attempt to test upside met with resistance around $144.

Solana Price Analysis: SOL tests more upside at $144, prepares to reverse?
SOL/USD 4-hour chart. Source: TradingView

The Solana price action has seen previous bearish momentum calm down over the past days. Once SOL/USD declined by around 20 percent, support was found at $133 on the 7th of January.

The following reaction higher set resistance at $148, which is yet to be reached again as lower highs were set since. On Monday, SOL/USD moved to retest the $133 support again, establishing slightly lower low, before returning higher.

Yesterday, the Solana price action peaked at $143, with another quick spike higher seen today. Since only a slightly higher local high was set, we assume the market is ready to reverse to the downside again.

Solana Price Analysis: Conclusion 

Solana price analysis is bearish today as the market has peaked at around $144. Likely SOL/USD is now ready to decline again, potentially looking to set a higher low.

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

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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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