Solana Price Analysis: SOL not yet ready to break below $185?

0
55

TL;DR Breakdown

  • Solana price analysis is bearish today.
  • SOL/USD retested $185 previous low overnight.
  • Bullish momentum returned this morning. 

Solana price analysis is bearish today as we expect the current bullish momentum to not last for long as we will likely see another lower high set shortly. From there, SOL/USD should move to break past the $185 support and continue along with the overall bearish trend.

Solana Price Analysis: SOL not yet ready to break below $185? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market overall has traded in the red over the last 24 hours. The market leaders, Bitcoin and Ethereum, have lost 0.38 and 0.59 percent, respectively. Meanwhile, Solana has fallen even more, with a loss of 3.33 percent.

Solana price movement in the last 24 hours: Solana moves lower again, the $185 support still holds

SOL/USD traded in a range of $186.10 – $199.36, indicating substantial volatility over the last 24 hours. Trading volume has declined by 33.52 percent, totaling $1.5 billion, while the total market cap trades around $58.16 billion, ranking the coin in 5th place overall.

SOL/USD 4-hour chart: SOL to retrace before break lower?

On the 4-hour chart, we can see slight bullish momentum for the Solana price action over the past hours as bears take a pause before looking to break the $185 mark later today.

Solana Price Analysis: SOL not yet ready to break below $185?
SOL/USD 4-hour chart. Source: TradingView

Solana price has seen a steady decline again this week. After a strong retracement from the $186 low last week, SOL/USD peaked at around $240 before starting to sell off again this week.

After a move to $210 support, consolidation followed until Wednesday, when further lows were reached. Another 15 percent were lost on Friday, reaching the $185 mark and setting a slightly lower low.

Slight reaction higher followed again to the $200 mark as bears took a pause. From there, the Solana price action pushed lower again overnight, leading to a second test of the $185 support. Currently, bears fail to breach the support as a slight rejection has been made over the past hours.

Solana Price Analysis: Conclusion 

Solana price analysis is bearish today as we expect more downside to follow after the current reaction higher ends. Therefore, SOL/USD should see a continuation of lower lows set over the next 24 hours.

While waiting for Solana to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.