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Solana Price Analysis: SOL consolidates above $168, reversal incoming?

Solana Price analysis

TL;DR Breakdown

  • Solana price analysis is bullish today.
  • SOL/USD retested $168 support yesterday.
  • Bullish momentum returned overnight.

Solana price analysis is bullish today as we expect another test of upside today after the $168 support held again. Likely, SOL/USD will attempt to set a higher high, leading to a reversal from the previous major downswing.

Solana Price Analysis: SOL consolidates above $168, reversal incoming? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen bearish momentum return over the last 24 hours. The market leaders, Bitcoin and Ethereum, traded in the red, with a loss of 2.31 and 2.12 percent, respectively. Meanwhile, Solana lost 1.67, falling in the middle of the pack.

Solana price movement in the last 24 hours: Solana retests $168, continues consolidation

SOL/USD traded in a range of $168.31 – $176.05, indicating mild volatility over the last 24 hours. Trading volume has declined by 10.4 percent, totaling $1.33 billion. Meanwhile, the total market cap trades around $53.27 billion, ranking the coin in 5th place overall.

SOL/USD 4-hour chart: SOL ready to push higher?

On the 4-hour chart, we can see the Solana price moving higher again, likely leading to another test of the $175 local resistance.

Solana Price Analysis: SOL consolidates above $168, reversal incoming?
SOL/USD 4-hour chart. Source: TradingView

Solana price saw a sharp decline at the beginning of this week. After previously gaining bullish momentum, SOL/USD peaked at $205 on the 27th of December, leading to an immediate selloff below $190.

More downside followed later in the week until the $168 mark offered support. Solana reacted to $175, with another test of upside reaching towards $178. Yesterday, another spike lower followed, with the $168 mark preventing more downside again.

Therefore, the Solana price action has found strong support. Likely we will soon see a higher local high set as bulls are ready to retrace the sharp loss seen during the beginning of the week.

Solana Price Analysis: Conclusion 

Solana price analysis is bullish today as the $168 support prevented more downside again, sending the market higher. Likely SOL/USD is now ready to set a higher high to begin retracing the sharp loss seen earlier this week, 

While waiting for Solana to move further, see our articles on crypto tax-loss harvesting, BTC-backed mortgage services, and Pi Wallet.

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.

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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