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- Solana price analysis is bearish today.
- SOL/USD saw rejection for an upside around $210 yesterday.
- Bearish momentum returned overnight.
The bull trend is continuing, and Solana price analysis is bearish today, as we saw upside rejected at $210 yesterday. As a result, we anticipate that SOL/USD will drop further later today and test previous lows again.
Cryptocurrency heat map. Source: Coin360
According to Coin360 market data, the cryptocurrency market is trading with mixed results. Bitcoin has lost 0.37 percent, while Ethereum has gained 4.52 percent. However, the losses on the red bars are small or negligible, not weighing more than 2 percent.
Solana price movement in the last 24 hours: Solana sets another lower high, starts to move lower
It looks like the downward shift in price is over, as the SOL/USD pair has returned to a range of $199.45 – $218.45 today, with little volatility during the last 24 hours. Trading volume has decreased by only 0.22 percent, totalling $2 billion in turnover. Meanwhile, the daily trading range in Solana has increased to $10 billion.
SOL/USD is currently below the key resistance level at $211.00 and the 20-period moving average (blue line). The Relative Strength Index (RSI) is now located around 36.80 and may continue its bearish movement towards the oversold mark.
SOL/USD 4-hour chart: SOL looks to decline again
We can see bearish momentum returning for the Solana price action overnight, which is expected to result in further downside testing later today.
Solana has continued to drop over the last week, with a new low of $185 noted on November 26. As a result, the overall several-week trend is increasingly bearish, suggesting that we will see additional downside until a solid higher high is established.
Over the weekend, SOL/USD was put to the test once again, this time at $185, which it quickly pierced. Yesterday’s minor support/resistance of $210 was broken in the afternoon, with resistance for further gains seen just above it.
The Solana price began to drop from there, signalling the formation of a new low. The bearish momentum remained strong overnight, bringing SOL/USD close to $200. We expect the present bearish momentum to continue later today, resulting in further declines.
Solana Price Analysis: Conclusion
The Solana price forecast is bearish today, as we witnessed upside resistance at the $210 level, resulting in a sluggish drop overnight. We may see SOL/USD continue to fall even more, potentially returning to the $185 prior major support.
While waiting for Solana to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.