- 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.
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 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.