- Today’s Solana price analysis is bearish after a drastic 5.39 percent drop
- SOL/USD traded within a daily range of $73.5 – $75.7.
Today’s Solana price analysis is bearish after a drastic 5.39 percent retracement overnight to the $74.751 price mark. Solana got rejected at the intraday high of $75.76, as the bulls consolidated momentum for their $100 upper target. We are expecting a slight downswing to the $70 mark, where buyers hope to accumulate more volumes and consolidate strongly. Meanwhile, the buyers will strongly defend the $70 region and counter any bearish weaknesses that could pull the price towards the prior-August all-time high at $58.
Solana price movement in the last 24 -hours: Will bear break $70 support?
According to our Solana price analysis, SOL/USD traded within a daily range of $73.5 – $75.7. Such a tight range suggesting low volatility across the daily chart. Solana’s trading volume faced a 40.40 percent plummet to a total of $1.8 billion. The total market capitalization stands at $21.7 billion after a 4.95 percent drop in the last 24 hours.
4-hour Solana Price Analysis: Solana targets $100 if they manage to flip $70 support
On the 4-hour Solana price analysis, SOL/USD is trading upwards as bulls attempt to overturn a descending channel that pulled the price from the daily high at $75.76 to the $74 mark. Bulls have their eyes focused on the $80.00 upper target and are working against time to consolidate more momentum and get there sooner than later.
The bulls seem persistent to set a new high on the 24-hour chart, but their attempts are being met by take-profit traders near $75.
Solana’s price action has witnessed strong bullish patterns in the past 2-months and remains the only coin least affected by the bear market. On August 13, SOL/USD breached the neckline resistance at $44 and underwent a swing high to the $70 region. The bulls are hoping to flip the strong $70 support and climb to $100.
Solana price analysis conclusion
Solana’s price analysis is bearish as a strong downswing was seen yesterday, and the market price currently trades just near the $73.4 previous high. Therefore, we expect SOL/USD to retrace lower later today and target the $70 mark next.
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