TL;DR Breakdown
- Solana price analysis is bearish today.
- SOL/USD saw upside rejected again.
- Resistance was found at $144.
Solana price analysis is bearish today as we expect a reversal to follow after another test of upside today. Likely bulls are now exhausted and SOL/USD is ready to push lower again.
The market has seen bullish momentum return over the last 24 hours. The market leader, Bitcoin, has gained 2.84 percent, while Ethereum a substantial 5.05 percent. Solana (SOL) saw similar results, with a gain of 5.05 percent.
Solana price movement in the last 24 hours: Solana retraced the previous decline
SOL/USD traded in a range of $134.64 – $143.78, indicating substantial volatility over the last 24 hours. Trading volume has declined by 23.17 percent, totaling $1.612 billion, while the total market cap trades around $44.33 billion, ranking the coin in 5th place overall.
SOL/USD 4-hour chart: SOL rejects more upside
On the 4-hour chart, we can see the Solana price making another attempt to test upside met with resistance around $144.
The Solana price action has seen previous bearish momentum calm down over the past days. Once SOL/USD declined by around 20 percent, support was found at $133 on the 7th of January.
The following reaction higher set resistance at $148, which is yet to be reached again as lower highs were set since. On Monday, SOL/USD moved to retest the $133 support again, establishing slightly lower low, before returning higher.
Yesterday, the Solana price action peaked at $143, with another quick spike higher seen today. Since only a slightly higher local high was set, we assume the market is ready to reverse to the downside again.
Solana Price Analysis: ConclusionÂ
Solana price analysis is bearish today as the market has peaked at around $144. Likely SOL/USD is now ready to decline again, potentially looking to set a higher low.
While waiting for Solana to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.
