Solana price analysis: SOL/USD to reverse the bearish trend in the next 24 hours

TL;DR Breakdown

• Solana 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 spot today, as it has formed a higher low and advanced quickly to $150. We anticipate that SOL/USD will reverse when such a huge drop is rejected because there was more decline prevented. We believe that the significant effect of this is due to how low it was.

The candlestick that formed at $150 was a green candle, meaning that it opened higher than the previous close. This confirmed yesterday’s bullish reversal and suggests today will be an uptrend.

Solana four-hour chart price prediction shows that similar to yesterday’s movement; SOL/USD is using the same downwards sloping trend. This suggests that this will continue to be a short-term downtrend.

Cryptocurrency heat map. Source: Coin360

The entire cryptocurrency heat map is red, which indicates a negative market trend. Despite reaching its $50 goal two weeks ago, the major virtual currency is trading in the same bear trend as the coin has dropped by several thousand dollars and appears to be going further down. BTC is presently valued at $42.2, whereas ETH is stuck in a severe dip, and it is currently trading below $3K. Despite the fact that the cryptocurrency market has been bearish, a few coins have been bullish, THETA has seen a more than 25 percent increase in price in the last several hours, and the bull trend does not appear to be stopping anytime soon. The meme coin is also traded negatively. 

Solana price movement in the last 24 hours: Solana dips further

Over the past 24 hours, SOL/USD has fluctuated between $144.26 and $152.08, with notable price movement. Trading volume was up 26.76 percent to $5 billion, while trading activity increased by 26%. Meanwhile, the overall market capitalization is now at about $42.72 billion (up from $35 billion.

On the daily chart, we can see strong resistance to further decline at $154.82, as indicated by the latest price fall to $152.

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

On the 4-hour chart, we can see that the Solana price repelled further decline when it reached $152.

Source: TradingView

Solana’s price chart is still in a bearish trend, with today’s lower low establishing the tone for additional losses. This kept the downward momentum going that began on September 7, when SOL/USD dropped from its all-time high of $215. 81 to the current price of $120.32.

The slight increase in trading volume is a good sign, but without any additional traction, we doubt that it will be enough to stop the recent bearish trends in place.

Solana Price Analysis: Conclusion 

Today’s Solana price forecast is bullish, 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.

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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