Solana Price Analysis: SOL retests $150, prepares to rally?

TL;DR Breakdown

• Solanas price analysis is bullish for today.
• SOL/USD continued to decline over the last 24 hours.
• SOL finds support at $150

The Solana price is in a good position today, as it has established a higher low and has risen rapidly to $150. We expect SOL/USD to reverse after such a dramatic fall due to the fact that further decline has been rejected.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has been in excellent form recently. Bitcoin is up 3.5%, while Ethereum is up 6.73%. Dogecoin, on the other hand, has had a fantastic day, increasing by 11% and outperforming all other cryptocurrencies.

Solana price movement in the last 24 hours: Solana declined past previous low

Over the last 24 hours, SOL/USD has ranged between $144.26 and $152.08, demonstrating significant price fluctuation. Trading volume has increased by 26.76 percent to $5 billion, with trading activity increasing by 26%. Meanwhile, the total market capitalization is around $42.72 billion.

SOL/USD 4-hour chart: SOL ready to reverse?

On the 4-hour chart, we can see the Solana price rejecting further downside when the $152 mark was reached.

SOL/USD 4-hour chart. Source: TradingView

Solana’s price chart remains in a bearish trend, with today’s lower low setting the stage for more losses. This maintained the downward momentum that began on September 7, when SOL/USD fell from its all-time high of $215.

On Friday, May 6th, Solana dropped to a new low of approximately $180.00 and subsequently rose to approximately $190.00 before recouping about half its loss. Although the stock managed to recover in the days that followed, it continued to fall over the next weeks.

Bulls could not maintain their momentum for long, and a reversal to the downside ensued. Another lower low was established, with a decline of almost 25 percent.

Solana Price Analysis: Conclusion 

The Solana price forecast is bullish for today, with a strong reaction occurring at the $150 level following a significant uptrend in the past 24 hours. As a result, we anticipate that SOL/USD will reverse and attempt to recoup some of its losses over the next 24 hours.

While waiting for Solana to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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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