Solana Price Analysis SOL/USD retraces to $170 and sets lower high

Solana price analysis indicates bearish signals over the following 24 hours and indicates that the market might begin to retrace
Solana price analysis indicates bearish signals over the following 24 hours and indicates that the market might begin to retrace
  • SOL-USD is trading bearish on Solana price analysis.
  • The overall crypto market is trading in the bearish zone
  • During this time, SOL-USD is trading at $180 ranges.

SOL-USD is trading bearish on Solana price analysis. This can be after the coin underwent a bullish continues two days ago into the $220 region and corrected downwards to the $180 support during previous day session. We expect the worth action of SOL-USD to reverse within the course of the day and record some losses on the 24-hour chart.

The overall cryptocurrency market is trading within the bearish zone following a general market correction that saw Bitcoin plunge by 3.40 percent, Ethereum call by 5 percent, and Solana crash by 12 percent. LUNA is the best performing crypto asset of the day after increasing by more than 30 percent.

Solana price movement within the last 24 hours: Solana pulled back to $170 levels

According to the daily Solana price analysis, SOL/USD is trading within a bearish range of $170 – $193. The daily trading volume for the Layer 1 smart contracts solution token went down by more than 20 percent to a complete of $7.5 billion. As of this writing, Solana trades at a capitalization of $52.5 million.

SOL/USD 4-hour chart: SOL set to retrace?

On our Solana price analysis chart for the 4-hour session, SOL/USD has retraced to the $170 region, but the bulls are now attempting to interrupt out of $180. During press time, SOL/USD is trading at $180

SOL USD 4 hour chart
SOL USD 4 hour chart
Source: TradingView

SOL price action has huge bullish pressure over the past few weeks to the extent of the best performing coin on multiple days stright. After Solana consolidated below the $80 mark round the close of August, the bulls traced an upswing to the $200 region through September.

Traders do expect Solana to continue its bullish path to $500 within the medium and future. However, we are still estimating the beginning of a price reversal to permit the bulls to consolidate more strength before rallying upwards.

Buyers seem exhausted at the instant but try to regain momentum, as seen by the upward correction from $170 to the $180 region. Strong rejection lies between $195 – $200, which implies large buyer volumes must be present to beat this resistance zone.

Solana Price Analysis Wrapping up

Today’s Solana price analysis indicates bearish signals over the following 24-hours and indicates that the market might begin to retrace within the near term. Therefore, we expect SOL/USD to stay within the $175 support or correct lower thanks to heightening bearish pressure.

Read also our Last article – Crypto Asset Manager “Osprey Funds” launches Solana Trust Product