Solana Price Analysis: SOL finds support at $143, prepares to push higher?

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TL;DR Breakdown

  • Solana price analysis is bullish today.
  • SOL/USD rejected downside at $143.
  • Resistance around $148 is likely to be broken today.

Solana price analysis is bullish today as we expect more upside to follow after a rejection of downside at $143. Likely, SOL/USD will break past the $148 local resistance and move towards the previous high next.

Solana Price Analysis: SOL finds support at $143, prepares to push higher? 1
Cryptocurrency heat map. Source: Coin360

The market has seen recovery over the last 24 hours. Bitcoin has gained 2.51 percent, while Ethereum 2.92 percent. Solana (SOL) follows with 1.65 percent.

Solana price movement in the last 24 hours: Solana finds support at $143, reacts higher

SOL/USD traded in a range of $142.39 – $149.57, indicating substantial volatility. Trading volume has declined by 32.34 percent, totaling $1.575 billion, while the total market cap trades around $45.9 billion, ranking the coin in 5th place overall.

SOL/USD 4-hour chart: SOL prepares to move higher?

On the 4-hour chart, we can see the Solana price action retracing again as the $150 initially stopped more upside.

Solana Price Analysis: SOL finds support at $143, prepares to push higher?
SOL/USD 4-hour chart. Source: TradingView

The Solana price action has seen strong bullish momentum return this week. After a brief test of lower lows at $130  on the 10th of January, SOL/USD quickly returned towards previous highs.

Break higher followed on Wednesday, leading to the $157.5 mark over the next 24 hours. Since a strong higher high was set, we expect more upside to follow as the market structure has become bullish.

Therefore, the retracement to $143 over the last 24 hours will likely serve as the base from which to push higher again. Today, the Solana price has traded slowly to the downside as bulls prepare for another push higher to the $157.5 previous high.

Solana Price Analysis: Conclusion 

Solana price analysis is bullish today as we saw the $143 mark reverse the market yesterday, leading to a test of $150 local resistance. Therefore, SOL/USD is now ready to break higher and test further upside over the next days.

While waiting for Solana to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.