SOL/USD is trading bearish according to Solana’s price analysis today. It comes after the coin experienced a continued uptrend around the $220 area two days ago and adjusted to $180 support during yesterday’s session. We expect SOL/USD price action to reverse during the day and mark some losses on the 24-hour chart.
The general cryptocurrency market is trading in a bearish zone after the general market correction that saw Bitcoin slump 3.46%, Ethereum slump 5%, and Solana shed 12%. LUNA turned out to be the most efficient cryptocurrency of the day after rising 33%.
Solana price action over the last 24 hours: Solana has returned to $170
According to Solana’s daily price analysis, SOL/USD is trading in a broad bearish range from $170 to $193. Daily trading volume for Layer 1 smart contract tokens fell 22% to a total of 7.44 billion US dollars. Solana is currently trading with a market cap of $52.5 million.
4-hour SOL/USD chart: SOL on track?
On our Solana price analysis chart for the 4-hour SOL/USD session, it returned to the USD 170 region but the bulls are now trying to break through from USD 180. During the press, SOL/USD was trading at $180.
Solana’s price movement has seen significant upward pressure in recent weeks, to the point where the most effective coin has emerged in recent days. After Solana consolidated below $80 in late August, gains followed a surge into the $200 region through September.
Traders expect Solana to continue her bullish path to $500 in the medium to long term. However, we are still calculating the start of the price reversal so the bulls can consolidate more strength before going up.
The buyers look exhausted at the moment but are trying to regain momentum as the upward revision from $170 to the $180 area shows. The strong resistance is between $195-$200, which means there must be a large volume of buyers around this resistance zone to overcome.
Today’s price analysis by Solana shows bearish signals for the next 24 hours, suggesting that the market could start retreating in the near term. We therefore expect SOL/USD to remain within the USD 175 support or adjust lower due to increasing downward pressure.