Solana Price Analysis: SOL spikes to $170, swift retracement to follow?
- Solana price analysis is bullish today.
- Rejection was seen at $170.
- SOL/USD set to retrace previous loss next.
Solana price analysis is bullish today as further downside was rejected at $170 after a strong decline over the last 24 hours. Therefore, we can assume SOL/USD has set a new low, and recovery will be seen over the next 24 hours.
Overall, the cryptocurrency market has seen a strong decline over the last 24 hours. The market leaders, Bitcoin and Ethereum, have seen a strong decline of 16.94 and 14.65 percent, while Solana (SOL) has lost around 19 percent.
Solana price movement in the last 24 hours: Solana drops further, finds support at $170
SOL/USD traded in a range of $181.46 – $239.12, indicating extreme volatility over the last 24 hours. Trading volume has increased by 75 percent, totaling $6.48 billion, while the total market cap trades around $58.9 billion, ranking the coin in 5th place overall.
SOL/USD 4-hour chart: SOL looks to recover?
On the 4-hour chart, we can see bullish momentum returning for the Solana price action today as bears are finally exhausted.
Solana price saw strong bullish momentum push the price higher for most of the week after support was found around $185 last weekend. However, yesterday, SOL/USD peaked at $244, leading to a drop lower during the second half of the day.
Overnight, bearish momentum continued pushing lower, with the $185 previous low broken. Further downside followed in the morning as bears briefly touched the $170 mark.
However, from there, a quick reaction higher was seen this morning and is currently still in play. Likely we will see the Solana price action continue higher later in the day, as bulls are eager to regain some of the loss seen earlier.
Solana Price Analysis: Conclusion
Solana price analysis is bullish today as we saw quick rejection from the $170 mark this morning. Therefore, a new swing low has been set, likely leading to recovery over the next 24 hours.
While waiting for Solana to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.
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