- Solana price analysis is bearish today.
- SOL/USD saw rejection for upside around $210 yesterday.
- Bearish momentum returned overnight.
Solana price analysis is bearish today as we saw upside rejected at $210 yesterday, meaning another lower high has been set. Therefore, we expect SOL/USD to drop further later today and look to test previous lows again.
The market overall has traded mostly in the green over the last 24 hours despite Bitcoin being down by 0.49 percent. Meanwhile, Ethereum increased by 3.32 percent, while Solana (SOL) gained lost 0.18 percent.
Solana price movement in the last 24 hours: Solana sets another lower high, starts to move lower
SOL/USD traded in a range of $200.45 – $212.45, indicating mild volatility over the last 24 hours. Trading volume has declined by just 0.22 percent, totaling $2 billion. Meanwhile, the total market cap trades around $61.18 billion, ranking the coin in 5th place overall.
SOL/USD 4-hour chart: SOL looks to decline again
On the 4-hour chart, we can see bearish momentum returning for the Solana price action overnight, likely resulting in further downside tested later today.
Solana continued to decline over the past week with a new low found around $185 on the 26th of November. Therefore the overall, several-week trend continues to be clearly bearish, indicating we should see further downside until a strong higher high is set.
Over the weekend, SOL/USD went for another test of the $185 support, quickly spiking below it before rapidly pushing higher. The $210 minor support/resistance was reached yesterday, with rejection for further upside seen in the afternoon.
From there, the Solana price started to slowly move lower, indicating a new lower high had been set clearly. Overnight, bearish momentum continued, moving SOL/USD to the $200 mark. We expect the current bearish momentum to continue later today, leading to further downside tested.
Solana Price Analysis: Conclusion
Solana price analysis is bearish today as we saw upside rejected at the $210 mark, leading to a slow decline overnight. Likely we will see SOL/USD continue even lower, potentially reaching back to the $185 previous major support.
While waiting for Solana to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.