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Solana Price Analysis: SOL spikes to $130, a higher low to rally from is slowly set?


TL;DR Breakdown

  • Solana price analysis is bullish for today.
  • SOL/USD saw a higher low set yesterday.
  • Solana consolidated around $140.

Solana price analysis is bullish today as a new higher low was set, and the market currently consolidates around $140. Therefore, we expect SOL/USD to move higher over the next 24 hours and look to break the $150 previous high next.

Solana Price Analysis: SOL spikes to $130, a higher low to rally from is slowly set? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with a slight loss over the last 24 hours as bearish momentum has been seen over the past hours. The market leaders, Bitcoin and Ethereum, are down by 0.15 and 0.61 percent, while Tezos (XTZ) is among the best performers, with a gain of 7.5 percent.

Solana price movement in the last 24 hours: Solana starts to move away from $130 support

SOL/USD traded in a range of $135.87 – $144.07, indicating strong volatility over the last 24 hours. Trading volume has declined by 38.88 percent and totals $2.45 billion, while the total market capitalization trades around $41 billion, ranking the coin in 7th place overall.

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

On the 4-hour chart, we can see Solana moving sideways today as bulls prepare for another push higher.

Solana Price Analysis: SOL spikes lower again, higher low to rally from is set?
SOL/USD 4-hour chart. Source: TradingView

Solana price action has traded with a steady bearish momentum so far this month. After peaking at around $215 on the 9th of September, DOL/USD started a slow retracement that has continued for several weeks.

Last week, Solana broke past the $150 previous major support, indicating further downside to follow. This, indeed, was the case as the Solana price reached just below $120 earlier this week.

From there, a reaction higher was seen on Wednesday, with the $150 mark finally retested as resistance. Yesterday, SOL/USD reacted from the resistance and quickly dropped to $130, where bulls rejected further downside.

Solana Price Analysis: Conclusion 

Solana price analysis is bullish for today as a higher low was set yesterday, and consolidation around $140 was seen today. Therefore, SOL/USD likely prepares for another push higher next week.

While waiting for Solana to move further, read our guides on Decentralized Exchanges, NFT Crypto, as well as Bitcoin Memes.

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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