Solana Price Analysis: SOL/USD bears suppress bulls back to $70 after testing the $80 mark

UNI price analysis

TL;DR Breakdown

  • 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. 

Solana Price Analysis: SOL/USD bears suppress bulls back to $70 after testing the $80 mark 1
Source: Tradingview

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.

While waiting for SOL/USD to move further, read our articles on Decentralized ExchangesBitcoin Futures and NFT Marketplace.

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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