Solana Price Analysis: SOL pivots below $225, returns towards previous support

TL;DR Breakdown

  • Solana price analysis is bearish today.
  • SOL/USD reversed at $225 overnight.
  • The closest support at $210 is likely to be retested today.

Solana price analysis is bearish today as a lower high was set at $225 after a quick spike higher yesterday. Therefore, SOL/USD is not yet ready to make a substantial gain, likely leading the price back towards the $210 support later today.

Solana Price Analysis: SOL pivots below $225, returns towards previous support 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has traded with mixed results over the last 24 hours. The market leaders, Bitcoin and Ethereum, are in the green, with a gain of 0.95 and 3.95 percent. Meanwhile, Avalanche (AVAX) is the worst performer, with a loss of over 7 percent, with some of the major altcoins following.

Solana price movement in the last 24 hours: Solana stops advance at $225, rejects lower

SOL/USD traded in a range of $211.31 – $226.06, indicating substantial volatility over the last 24 hours. Trading volume has declined by almost 21 percent, totaling 2.17 billion, while the total market capitalization trades around $65.76 billion, ranking the coin in 5th place overall.

SOL/USD 4-hour chart: SOL looks to return to $210 support?

On the 4-hour chart, we can see the Solana price moving lower today, likely leading back to the $210 support.

Solana Price Analysis: SOL pivots below $225, returns towards previous support
SOL/USD 4-hour chart. Source: TradingView

Solana has seen bullish momentum return over the past days after a strong decline was seen earlier this month. From the previous major swing high at $260, SOL/USD retraced over 25 percent until support was found around $190 on the 18th of November.

The sharp reversal followed, leading SOL to set a lower high at $240 on the 21st of November. The market did not trade at this price level for long as strong selling pressure returned early on Monday.

The Solana price action dropped to $210, starting to consolidate over the following 24 hours. Another attempt to move higher was seen late yesterday as SOL/USD peaked at $225. Therefore, we can assume that selling pressure is still strong, and further consolidation is needed to make any substantial gains later this week.

Solana Price Analysis: Conclusion 

Solana price analysis is bearish today as we expect more downside to follow after the $225 mark prevented more upside overnight. Therefore, SOL/USD should move back to the $210 support to continue the current consolidation.

While waiting for Solana to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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