Connect with us

Solana

Solana Price Analysis: SOL swiftly moves to $150 all-time high, set to retrace this weekend?

Published

on

Solana price analysis indicates bearish momentum to follow today as the market has reached the $150 major resistance after a strong rally this week. Since some rejection for further upside can currently be seen, we expect SOL/USD to reverse and retrace some of the gain over the weekend.

Solana Price Analysis: SOL swiftly moves to $150 all-time high, set to retrace this weekend? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded in the red over the last 24 hours. The market leaders, Bitcoin and Ethereum, have declined by 0.77 and 1.35 percent, respectively. Meanwhile, SOL is in the middle of the pack, with a small gain of 0.82 percent.

Solana price movement in the last 24 hours: Solana finds resistance at $150

SOL/USD traded in a range of $136.18 – $150.43, indicating strong volatility over the last 24 hours. Trading volume has decreased by 31.6 percent and totals $5.36 billion, while the total market capitalization trades around $41.17 billion, ranking the coin in 7th place overall.

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

On the 4-hour chart, Solana price has started to decline, indicating a possible retracement over the weekend.

Solana Price Analysis: SOL moves to $15 all-time high, set to retrace this weekend?
SOL/USD 4-hour chart. Source: TradingView

Solana price action has seen a substantial advance over the past weeks. After consolidating below the $80 mark at the end of August, a clear higher swing low was established around the $66 mark.

From there, SOL/USD saw another move higher to the $130 mark initially, and after a slight retracement, a further spike of 40 percent to the $150 mark. Overall, SOL has advanced by more than 500 percent since the beginning of August, indicating strong bullish momentum.

However, as of now, bulls are exhausted once again. This can be seen by the rejection fro the $150 resistance earlier today. This Solana price action development will likely lead the price action structure towards another retracement, with the $130 previous swing high resistance likely to be retested as support.

Solana Price Analysis: Conclusion 

Solana price analysis is bearish for the next 24 hours as the market started to decline after reaching the $150 major resistance. Therefore, we expect SOL/USD to retrace over the weekend and look to retest the previous major swing high of $130 as support. 

While waiting for Solana to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

News Source