in

Solana Price Analysis: SOL sets lower high at $204, slowly moves into a consolidation?

Solana Price Analysis: SOL sets lower high at $204, slowly moves into a consolidation? 1


TL;DR Breakdown

  • Solana price analysis is bearish today.
  • SOL/USD saw a rally to $204 today.
  • Higher low was previously set at $176.

Solana price analysis is bearish today as we expect the current rally to end with another lower local high set. Since SOL/USD also previously set a higher low, we expect the market to begin consolidating in an increasingly tighter range over the rest of the week.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market saw bullish momentum over the last 24 hours. The market leaders, Bitcoin and Ethereum, gained around 4.5 percent, while Solana (SOL) saw a strong increase of over 5 percent.

Solana price movement in the last 24 hours: Solana sets higher low at $176, rallies to $204

SOL/USD traded in a range of $186.20 – $204.12, indicating substantial volatility over the last 24 hours. Trading volume has declined by 19.72 percent, totaling $2.88 billion, while the total market cap trades around $60.18 billion, ranking the coin in 5th place overall.

SOL/USD 4-hour chart: SOL peaks at $204?

On the 4-hour chart, we can see another lower high likely set as further upside was rejected at $204 earlier today.

Solana Price Analysis: SOL sets lower high at $204, moves into a consolidation?
SOL/USD 4-hour chart. Source: TradingView

Solana price action has seen strong volatility over the past weeks. After a sharp rally during the last days of November, a slightly higher high was set at $243, indicating potential reversal forming for the overall bearish trend.

However, a sharp drop lower was seen across the market on Friday, with Solana not being the exception. SOL/USD quickly lost around 30 percent as it spiked to the $170 mark. There, support was quickly found, with the market reacting to $210 rather quickly.

The follow-up push lower was seen over the weekend, setting a slightly higher low at $176. From the newly found low, the Solana price action saw bullish momentum return overnight to Today. Bullish momentum continued until the $204 mark, likely meaning that another lower high has been established.

Solana Price Analysis: Conclusion 

Solana price analysis is bearish today as we currently expect another push lower after a new lower high set around $204. Likely SOL/USD will move to set another higher low, indicating that the market is trading in an increasingly tighter range.

While waiting for Solana to move further, see our articles on How to mine Monero, XRP vs BTC, and DeFi Wallet Review.

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.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

CryptoNewsZ

Polygon Provides a Grant to Plena Finance

BTT price analysis 7 Dec

BitTorrent Price at $0.00388 after 25.9% gains – How to buy BTT