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Solana price analysis: SOL consolidates around $32-$35, next direction unclear?

2 min read

TL;DR Breakdown

  • SOL retested $35.5 resistance over the weekend.
  • Closest support at $32.
  • Next resistance target at $42.

Solana price analysis indicates bearish momentum over the next hours as the $35.5 resistance was retested for the second time. Therefore, we expect SOL/USD to retest the $32 support again later today, with further price action indicating where Solana is headed next.

Solana price analysis: SOL consolidates around $32-$35, next direction unclear? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades in the red over the last 24 hours. BTC is down by 5.4 percent while ETH 6.5 percent. The rest of the market has seen similar bearish price action development.

Solana price movement in the last 24 hours

SOL/USD traded in a range of $32.70 – $35.30, indicating a moderate amount of volatility. Trading volume has increased by 7 percent and totals $310.3 billion. Meanwhile, the total market cap stands around $9 billion, ranking cryptocurrency in 14th place overall.

SOL/USD 4-hour chart – SOL ready to test the $32 support again?

On the 4-hour chart, we can see the Solana price pushing lower again over the last 24 hours to test the $32 support.

Solana price analysis: SOL consolidates around $32-$35, next direction unclear?
SOL/USD 4-hour chart. Source: TradingView

The overall Solana price action trades in a bearish momentum over the past month. Since the last swing high around $44, SOL/USD retraced by more than 55 percent and retested support around the $20 mark. 

From there, SOL moved higher over the past weeks, with the 50-period moving average offering some resistance initially. However, after a brief retracement, SOL/USD pushed higher again and reached the next resistance area around $35.5.

A week-long consolidation followed, with the $32 previous resistance acting as a support and the $35.5 mark acting as a resistance. Therefore, once SOL/USD breaks to either side, we will see where the market is headed over the following weeks as currently, the market could go either way.

If Solana moves above $35.5, we can expect the next resistance around $42-$44 to be tested next. Alternatively, if the $32 support holds, we can expect SOL/USD to move to $26 support and move lower over the following weeks.

Solana Price Analysis: Conclusion 

Solana price analysis is bearish as the market is still not ready to move higher and reversed back to the downside again over the past hours. Therefore, we expect SOL/USD to attempt to break below the $32 mark over the following hours.

While waiting for SOL/USD to move lower, read our guides on DeFi advantages, BTC fees, as well as what you can buy with BTC.

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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