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Solana Price Analysis: SOL slowly continues to retrace, a retest of $120 to follow today?

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  • Solana price analysis is bearish today.
  • SOL/USD continued to decline overnight.
  • SOL broke past $130 again.

Solana price analysis is bearish today as the market continued to decline over the last 24 hours and set another local low and high. Therefore, we expect SOL/USD to see further downside later today and potentially move to retest the $120 current major swing low.

Solana Price Analysis: SOL slowly continues to retrace, a retest of $120 to follow today? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with bearish momentum over the last 24 hours despite the market leaders, Bitcoin and Ethereum, gaining 1.67 and 2.54 percent. The rest of the top altcoins have seen a slight decline of 2-4 percent.

Solana price movement in the last 24 hours: Solana sets lower low below $130

SOL/USD traded in a range of $125.12 – $140.94, indicating strong volatility over the last 24 hours. Trading volume has decreased by 18.37 percent and totals $2.4 billion, while the total market cap trades around $40.3 billion, ranking the coin in 7th place overall.

SOL/USD 4-hour chart: SOL to see further downside today?

On the 4-hour chart, we can see the Solana price moving higher over the past hours as bears likely take a pause before further downside attempts.

Solana Price Analysis: SOL continues to retrace, a retest of $120 today?
SOL/USD 4-hour chart. Source: TradingView

The Solana price action has traded in a steady bearish momentum this month. After a strong rally during the first days of September, SOL/USD peaked at around $215 on the 9th of September.

This price action movement was followed by a strong reversal, with several lower lows and highs set over the past weeks. The current major swing low at $120 was set on the 21st of September, followed by a reaction to $150, where another lower high was set.

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Since then, SOL/USD has declined, with two small pushes lower to $130 slowly. Overall, we expect this price action development will lead Solana price action lower next week, with the $120 support as the closest target.

Solana Price Analysis: Conclusion 

Solana price analysis is bearish today as the market continued to drop over the last 24 hours after setting a slightly lower high. Therefore, we expect SOL/USD to reach further downside and potentially test the $120 support next.

While waiting for Solana to move further, read our guides on NFT Games, CoinJar, as well as Bitcoin Memes.

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Solana

Beyond the hype: Solana’s [SOL] incredible price action sustainable or not?

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Solana [SOL] joined the new high-club after smashing past the previously established peak. The major rally was spurred by the monumental debut of ProShares’ Bitcoin ETF on Wall Street that marked the resumption of the second bullish wave this year.

On the other hand, Solana has not only managed to catch up to the uptrend but also extend the rally even as other top cryptocurrencies took a breather. Over the past week, SOL registered over 33% gains and was still up by nearly 10% in the last 24-hours. At a whopping $202, SOL is at a new ATH. The following charts reveal some interesting patterns.

Solana’s [SOL] buying pressure is not exhausting anytime soon

Beyond the hype: Solana's [SOL] incredible price action sustainable or not?

The last few weeks have been quite rough for Solana has been tough as it made lower highs after the late August ATH. The market lull can be attributed to the major network outage that pointed to serious security risks that was enough to shake the traders’ confidence.

As a result, the price action was mostly confined within a symmetrical triangle that indicated a breakout in either direction. However, the latest uptrend has sparked a new high for asset after a subsequent bullish breakout.

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The diverging Bollinger Bands [BB] depicted a period of high volatility in the SOL market while the increasing trading volume offered substantial backing to its price action.

What’s the next price target for SOL?

Beyond the hype: Solana's [SOL] incredible price action sustainable or not?

The MACD also aligned with the bulls, however it is yet to soar to levels seen during its previous all-time high. The Awesome Oscillator [AO] also depicted a similar sentiment as bullish momentum engulfed the market. The daily Relative Strength Index [RSI] is slowly climbing up and is closing in on the overbought territory, meaning there’s more upside potential.

The above charts indicated an optimistic outlook as market players’ interest with respect to Solana has evidently been picking up. The resistance level that the investors need to look out is $216. It is also important to note that SOL has followed a classic bullish continuation structure following September’s tumble. Hence, a profit target of $250 may also come into play before the asset hits a consolidation phase.

Another bullish factor that may play an important role in determining SOL’s growth structure is its performance against the USD over the last two days which has been way than the Bitcoin. This trend evidenced traders rotated capital out of the BTC market to enter the SOL market. 

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Top Crypto Trader Says Ethereum Rival Solana Will Outshine Both Bitcoin and ETH – Here’s His Target

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A leading crypto trader and analyst says an Ethereum (ETH) competitor appears ready to surge by more than four times its current levels.

The trader pseudonymously named Smart Contracter tells his 174,900 Twitter followers that Solana (SOL) will outshine both ETH and Bitcoin (BTC).

His target price is now $900 – an appreciation of more than 360% from SOL’s current value.

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The trader, who primarily relies on Elliot Wave theory, says Solana is bullish when paired against Ethereum, which is itself bullish when paired against Bitcoin.

Elliot Wave theory is a method of identifying where assets are heading using crowd psychology, which tends to manifest itself on charts in a series of waves.

“Monthly reminder $900 Solana (SOL) is not a joke, it’s gonna happen…

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ETH/BTC looks bullish, SOL/BTC looks bullish, but SOL/ETH also looks bullish, so naturally SOL is my largest bag and I believe it outperforms BTC and ETH.”

Source: Smart Contracter/Twitter

According to CoinGecko, Solana is trading at $192 at the time of writing, down about 10% from its September all-time high.

Smart Contracter says he believes Solana’s recent resurgence is in its early days after the altcoin rose above two key levels of resistance.

“Got SOL low key breaking downtrends of two different degrees, this bad boy runs hard when it gets going and it’s only just getting started here.”

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Source: Smart Contracter/Twitter

The top crypto trader says that last month Solana began displaying similar chart behavior to Binance Coin (BNB), which surged by over 1,600% to a record high between January and May this year.

He says that if Solana replicates BNB’s pattern, a price of $900 is in the cards.

“Same vibes, same narrative…

If SOL follows the run BNB had it can go to $900.”

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Source: Smart Contracter/Twitter

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Solana to Outperform Bitcoin and Ethereum! SOL Price to Hit $900 with 360% Upswing

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The cryptocurrency market traded with mixed results as the market leaders Bitcoin and Ethereum retraced, leading to a loss of 3.45 and 1.18 percent, respectively. Meanwhile, Solana is among the top performers.

The SOL Price surged more than 7% in the past 24 hours approaching its all-time high. Currently, It is trading at $204, which is slightly below its all-time high of $214. This uptrend took its market capitalization to more than $61 billion, making it the 6th cryptocurrency in the world.

SOL Price to Break $215 ATH Anytime Soon!

In the last 24 hours, the SOL/USD price traded within the range of $178.75 – $207.87 reflecting strong volatility.

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SOL Price was on the verge of reaching its ATH, but due to a minor downside correction near $208, the price pulled pack to $204. However, the altcoin will now test the $208 resistance and Hit ATH on successful breakout which is quite possible.

Further, traders need to watch out for the resistance level at $216. SOL has followed a classic bullish continuation structure following September’s tumble. Thus, traders need to know that a profit target of $250 may also come into play before the asset hits a consolidation phase.

If it reaches a new all-time high, which looks likely, the next resistance could be found at $277.

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Solana Price Eyeing Massive Surge of 360%

Popular crypto trader and analyst with pseudonymously named Smart Contracter believe that Solana price appears ready to surge by more than 4x its current levels. As per the analyst  Solana (SOL) will outshine both Ethereum and Bitcoin (BTC).

As per the chart, the SOL/ETH pair is signaling bullish, which is itself bullish when paired against Bitcoin.

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The crypto trader says that previously the ethereum killer displayed similar chart behavior like Binance Coin (BNB), which soared nearly 1,600% to a record high between January and May this year. He says that if Solana replicates BNB’s pattern, a price of $900 is in the cards.

His target price is now $900 – an appreciation of more than 360% from SOL’s current value.

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