Solana Price Analysis: SOL break below $210, another strong drop to follow?

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TL;DR Breakdown

  • Solana price analysis is bearish today.
  • SOL/USD failed to move high yesterday.
  • Closest support at $210 broken.

Solana price analysis is bearish today as we saw the $210 support break after failure to reach upside yesterday. Likely, SOL/USD will continue lower over the next 24 hours, with the next potential support area around $190.

Solana Price Analysis: SOL break below $210, another strong drop to follow? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market saw a bearish momentum return over the last 24 hours. Bitcoin declined by 1.09 percent, while Ethereum dropped 0.39 percent. Meanwhile, Decentraland (MANA) is the top performer, with a gain of over 15 percent.

Solana price movement in the last 24 hours: Solana fails to move higher, drops below $210

SOL/USD traded in a range of $202.49 – $222.88, indicating substantial volatility over the last 24 hours. Trading volume has declined by 11.74 percent, totaling $2.65 billion, while the total market cap trades around $61.6 billion, ranking the coin in 5th place overall.

SOL/USD 4-hour chart: Solana moving lower again

On the 4-hour chart, we can see the Solana price action rapidly declining as the $210 support failed to hold.

Solana Price Analysis: SOL break below $210, another strong drop to follow?
SOL/USD 4-hour chart. Source: TradingView

Solana price action saw a strong advance over the first days of November. A new all-time high was set at $260 on the 6th of November, after a gain of more than 45 percent from the previous low.

Since then, SOL/USD has seen steady retracement, with the $220 mark offering some support initially. Heavy selling followed after a slight correction on the 14th of November, quickly leading Solana to the $210 next support.

Yesterday, the Solana price attempted to recover, with only the $220 mark reached. Overnight, selling pressure returned, pushing the market lower. A strong break lower followed earlier today, leading to the current decline, likely resulting in a substantial lower low set.

Solana Price Analysis: Conclusion 

Solana price analysis is bearish today as we saw a failure to move higher late yesterday, leading to another drop overnight. This time, SOL/USD broke past the $210 support, resulting in a sharp move lower right now.

While waiting for Solana to move further, read our guides on eToro vs Coinbase, How to mine Solana Classic, and Solana vs Cardano.