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SOL swing high continues past $136; should we expect $140?

Cryptopolitan


TL;DR Breakdown

  • Solana price analysis trades bullishly on the 24-hour market 
  • A broad daily range starting from a daily low of $110 to a daily high of $136,
  • As of this writing, SOL/USD trades at $136

Solana price analysis trades bullishly on the 24-hour market after the market set a higher low at $110. Therefore, we are anticipating the layer one smart contracts token pair  SOL/USD to post further gains in the course of the day.

The overall cryptocurrency market performed bullishly over the last 24 hours. Market leaders, BTC and ETH,  went on to record an increase in the price of 1.70 percent and 0.55 percent, respectively. 

Solana price movement in the last 24 hours: Solana sets another lower low at $110

According to the daily Solana price analysis, the SOL/USD pair traded within a broad daily range, starting from a daily low of $110 to a daily high of $136, showing strong volatility over the last 24 hours. The total Solana trading volume surged by 58.93 percent and sums $5.85 billion, while Solana’s market cap trades around $39.12 billion, ranking SOL at position #7 overall.

SOL/USD 4-hour chart: SOL starts to rally

On the 4-hour Solana price analysis chart, we can observe as Solana price action begins to rally again in the direction of the $138 price mark, which upon crossing could make the possibility of the $140 and $150 targets within reach.

SOL/USD 4-hour chart. Source: TradingView

Solana’s price action has witnessed a rapid and significant advance over the past 2-months. From the $35.5 support, SOL/USD rallied by more than 300 percent until the current swing high at $136.

The coin struggled with a strong resistance below the $100 psychological mark for several days before recording rapid gains at the start of the week. Support was initially found above $100. However, more upsides activated the $110 mark into a support base to steer the price of Solana towards the next frontier.  

Overnight, SOL retraced and almost touched below the $109 but has since moved higher to recover the incurred losses. Therefore, we are expecting an imminent surge in the next 24 hours and therefore urge traders to maintain a bullish outlook on the price direction of Solana. 

Solana Price Analysis: Conclusion 

Our Solana price analysis today suggests a bullish market and the fact that the market could continue to rally and head past the $140 mark. Therefore, we urge traders that SOL/USD will set a new daily high and most probably rise to the next swing high. 

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.



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