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Solana Price Analysis: SOL/USD set to break above the intraday highs of $184

Analytics

www.cryptopolitan.com 17 December 2021 13:48, UTC
  
Reading time: ~3 m

  • Solana price analysis is bullish today.
  • SOL/USD is currently trading at $174.
  • The market is currently still pushing higher.

Today’s Solana price analysis is bullish, as we anticipate more upside after a break above the $180 resistance. However, because SOL/USD has advanced over 10% in the last 24 hours, the market will likely peak soon.

The RSI is currently at overbought levels, and we could see a minor retracement soon. Nevertheless, we believe that SOL/USD will continue to rise and reach new highs in the coming days.

The market is currently still pushing higher. SOL/USD is currently trading at $174, and we expect the market to break above the intraday highs of $184. The RSI is currently at overbought levels, but we believe that SOL/USD will continue to rise and reach new highs in the coming days.

The volatility of the cryptocurrency market can be a blessing and a curse. On the one hand, it allows for large price swings resulting in quick profits. On the other hand, it also leads to high levels of volatility, which can lead to sharp losses if a position is taken at the wrong time.

It is important to stay informed about the latest market news and price movements to make informed trading decisions. This article will provide an overview of the current Solana price analysis and some key resistance levels that SOL/USD will need to break through to reach new highs.

SOL/USD 4-hour chart: SOL continues higher

On the 4-hour chart, we can see that the Solana price has been steadily rising over the last several hours, suggesting that it may continue to rise throughout the day.

SOL/USD 4-hour chart. Source: TradingView

Following a new major swing high of $244 on December 2, the Solana price has fallen dramatically for most of December. SOL/USD then delivered a strong initial push lower on December 4, when it approached the $170 level tested.

The following reaction, which climbed to $210, began a consolidation in an increasingly cramped range for the next seven days. Last Friday’s break lower resulted in another fall to $162 today. On Monday, after some consolidation, a third decline occurred, bringing SOL to its present low of $150.

So far, the market has been bullish over the past few days. SOL/USD reached $174 on September 10 and is currently pushing higher. The market is still in an uptrend, and we believe that it will continue to rise in the coming days.

However, because SOL/USD has advanced over 10% in the last 24 hours, the market will likely peak soon. The RSI is currently at overbought levels, and we could see a minor retracement soon. Nevertheless, we believe that SOL/USD will continue to rise and reach new highs in the coming days.

Solana Price Analysis: Conclusion 

The Solana price is trading at $6.80, the lowest level in two weeks. Today’s analysis shows that investors are very bearish, with a strong surge higher resulting in a new local high set overnight. SOL/USD will almost certainly test further upside later today as buying pressure remains intense.

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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