logo

Solana Price Analysis: SOL/USD to break above the $230 resistance

Algorand price analysis

TL;DR Breakdown

  • Solana price analysis is bullish today.
  • SOL/USD is currently trading at $216.
  • Rejection for further downside seen over the past hours. 

Solana price analysis is bullish today, with prices expected to rise after a solid drop overnight took the market to $215, where support was found. As a result, SOL/USD is poised to reverse and recover some of the earlier losses. It is currently trading at $216. Rejection for further downside seen over the past hours appears to have given the market some momentum to propel it towards that reversal on the hourly chart.

A new low of $210 was established early this morning before prices managed to find support at $215. On the hourly chart, you can see that buyers are back in control, with a bullish pin bar formed on Tuesday evening. It signals not only rejection but the strength of demand, so buying pressure is expected to increase.

Further confirmation comes from RSI, which has crossed bullishly above 30 and is now climbing up 80, where it looks set to continue its rise. As long as these indicators remain above their range lows, Solana prices are likely further upside movement.

Indicators are in agreement on the hourly chart, with MACD heading southbound but positive. All of this signals that an uptrend is coming soon. If it materializes, then SOL/USD will rally towards $230, where supply above looks to offer resistance for prices. On the other side, a break below the current level opens doors for more losses towards $200 in extension before any stabilization can be seen in Solana prices.

SOL/USD 4-hour chart: SOL ready to reverse?

On the 4-hour chart, we can see a rejection of additional downside for the Solana price action, which is expected to result in a push higher later today.

Solana Price Analysis: SOL/USD to break above the $230 resistance 1
SOL/USD 4-hour chart. Source: TradingView

After a new all-time high of $260 was set on the 6th of November, Solana prices fell back into bearish movement. The price reversed as further gains were unable to be obtained; it decreased gradually until a spike to $217 was observed on the 10th of November.

SOL dropped to $200 in the aftermath of this news but quickly rebounded. A longer-lasting reversal set a higher low, and SOL resumed its decline after another slow reversal. After peaking at $245 on Sunday, SOL reversed downward once more.

We witnessed the Solana price fall further over the previous 24 hours, briefly reaching $215. The price of SOL/USD did not stay at the low for long as bullish momentum has increased throughout the last hours. We should see additional gains ahead, as bulls take control for the rest of the day.

Solana Price Analysis: Conclusion 

The Solana price analysis is bullish today, as the $215 mark provided strong support after a significant drop earlier today. As a result, SOL/USD is likely to reverse and recoup some of its losses.

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.

Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Related News

Hot Stories

Litecoin price analysis: Bullish spell launches LTC above $61.85
Renbridge Used by Cybercriminals to Launder $540M by Chain Hopping
Aave price analysis: AAVE/USD shows bullish strength as price rises to $109.99
Hotbit halts trading activities on its platform
ChainLink price analysis: LINK/USD maintains tremendous bullish movement at $9.03

Follow Us

Industry News

Renbridge Used by Cybercriminals to Launder $540M by Chain Hopping
Hotbit halts trading activities on its platform
Coinbase records $1 billion loss in Q2
Curve Finance hacked and $570K stolen
What happens to $ETH after the merge on 19 September?