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Solana Price Analysis: SOL breaks below $70, further downside to follow?

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TL;DR Breakdown

  • Solana price analysis is bearish for today.
  • SOL/USD continued declining yesterday.
  • SOL broke past the $70 mark today.

Solana price analysis indicates bearish momentum to follow over the next 24 hours as the market continues to decline after a retest of the $80 resistance earlier this week. Therefore, we expect SOL/USD to continue declining later today and continue its way to $68.

Solana Price Analysis: SOL breaks below $70, further downside to follow? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen strong bearish pressure over the last 24 hours. The market leader, BTC, has lost 3.96 percent, while ETH has declined by 5.91 percent. Dogecoin (DOGE) is among the worst performers, with a loss of 9.6 percent.

Solana price movement in the last 24 hours: Solana spikes to $66

SOL/USD traded in a range of $66.22 – $77.94, indicating strong volatility over the last 24 hours. Trading volume has increased by 0.96 percent and totals $1.787 billion. The total market capitalization trades around $19.64 billion, ranking the coin in 10th place overall.

SOL/USD 4-hour chart: SOL set for further downside?

On the 4-hour chart, we can see the Solana price continuing to decline as bears look to retest the $58 previous all-time high.

Solana Price Analysis: SOL breaks below $70, further downside to follow?
SOL/USD 4-hour chart. Source: TradingView

Solana price action saw a substantial advance over the last month. From the $22 swing low, set on the 20th of July, SOL/USD gained more than 250 percent. On the 16th of August, the previous all-time high of $58 was broken, further indicating strength.

Solana continued advance last week, with resistance finally found around the $80 mark. After setting several slightly higher highs, SOL/USD failed to break the $80 mark, with a lower low finally set Yesterday.

What followed was a rapid decline below previous local lows and the $70 mark. Over the past hours, the Solana price declined, which indicates that we can expect further downside later this week.

Solana Price Analysis: Conclusion 

Solana price analysis is bearish for the next 24 hours as the market declined yesterday and spiked below the $70 mark earlier today. Therefore, we expect SOL/USD to see further downside later today and continue its way to the $58 previous all-time 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.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.
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