Solana Price Analysis: SOL breaks $100 barrier to test $101 swing high
2 min readTL;DR Breakdown
- Solana price analysis is bullish on the daily chart
- SOL/USD traded in a range of $93 – $101
- Solana price action consolidating for more strength at the $96 mark
Solana price analysis is bullish on the daily chart today as the market continues to push beyond the $95 support over the last 24 hours after a successful attempt to break through the $100 psychological support. The coin managed to test a daily high of $101 before dropping, correcting to a high low of $96. Therefore, we expect SOL/USD to reverse later today and start regaining some of the losses seen earlier this week.
The digital currencies market traded with mixed signals over the last 24 hours. The market leader, BTC, has lost 0.79 percent, while ETH is down by 0.76 percent. Solana (SOL) is among the best performers, with a percentage gain of 5.
Solana price movement in the last 24 hours: Solana tests $101 swing high
According to our 24-hour Solana price analysis, candlesticks, SOL/USD traded in a range of $93 – $101, indicating moderate volatility over the last 24 hours. Trading volume totals $2.25 billion after a significant drop of 19 percent from yesterday’s figure. Meanwhile, Solana’s market capitalization trades around $28.4 billion after undergoing a 2.2 percentage increase in the last 24 hours.
SOL/USD 4-hour chart: SOL set for major upswing later today?
On the 4-hour Solana price analysis candlesticks, we can see the Solana price action consolidating for more strength at the $96 mark as the bulls prepare to dash against the daily high rapidly.
The Solana price action has traded bullishly strong in the past months. After the coin set a significant swing low in June at $22, SOL/USD rallied by over 260 percent to the current swing high of $101.
From the $101 swing high, Solana saw a quick retracement to the $96 mark, setting another higher low. However, further, the rally resulted in a slightly lower low set around $95, where the bulls build support. From there, SOL retraced, with the $95 mark this time acting as support.
Overall, since a slightly higher low is set, the coin’s price action remains bullish, and we can anticipate SOL to record further upsides later this week. As long as the $95 support holds, SOL/USD should see a return back to test the $101 previous high and build a new solid base.
Solana Price Analysis: Conclusion
Solana price analysis is bullish as the market keeps holding above $90 even after a slight decline yesterday. Therefore, we expect SOL/USD to set a new higher low and continue higher in the next 24 hours back towards the $101 current swing high.
While waiting for Solana to move further, read our articles on Wrapped BTC, Decentralized Exchanges, as well as NFT Marketplace.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
