SOL/USD bearish for the next 24 hours

TL;DR Breakdown

• Solana price analysis is bearish today.
• SOL/USD is currently trading at $150.65.
• Resistance was found at $144.

Solana price analysis is bearish today as we anticipate a reversal to follow after another test of upside today. Now that the likely bulls are exhausted, SOL/USD is poised to fall again.

In today’s breakout from a descending triangle, bull pressure pushed the price to a high of $144.20 before seeing a bearish turn and dropping to test $135.20 for support. Now that the likely bulls are exhausted, SOL/USD is poised to fall again, with another strong bearish pull expected in today’s Asian trading session.

Solana price movement in the last 24 hours: Support retested

From a daily perspective, it has been three days that the price of SOL/USD is bearish, having finished its retracement to 50 percent from its last rally. If the bulls failed to break past resistance at $144 today, Solana price analysis might be in a solid bearish pull to continue the downtrend.

However, we anticipate another drop to follow as selling pressure is likely to be the second entry point today. As this was just a bear pullback rather than a strong bullish reversal, the price will likely remain bearish for today’s Asian trading session.

SOL/USD saw another test of $144 today and broke down further after a bearish rejection. However, as it is still early days, bulls may attempt to push the price back up again before further drops check higher highs. I will be anticipating resistance at $145 before any bull pressure pushes higher highs; until then, expect more downside pressure on SOL/USD as selling pressure remains strong. If this is genuinely a retracement of last week’s rallies, Solana price analysis is expecting lower lows beyond the nearest support at $135.20 before any possible bullish move can follow.

The current upside is now turned into Resistance, as we can see from the chart above. Please note that the Ichimoku cloud is green, and the price is below it. This denotes bearish momentum coming into play, and we can expect a further drop in SOL/USD today. Resistance turned support at $144 has been tested for three days now. A strong rejection from the resistance implies a possible take-back of this level to former Resistance turned support at $145 or even lower before bulls gather enough strength to push prices higher.

SOL/USD 4-hour chart: SOL rejects more upside

We can see the Solana price making another attempt to break through upside resistance around $144 on the 4-hour chart.

Solana price decline has seen previous bearish momentum dissipate over the last few days. On January 7th, support was discovered at $133 when SOL/USD fell by roughly 20%.

After establishing a new high at $159, the market rejected the breakout and formed a lower low that was not exceeded again until today’s close. Because of this, the following resistance set at $148 has yet to be reached. On Monday, SOL/USD attempted to rebound from its previous low of $133 before advancing higher once more.

The MACD & RSI have turned higher but remain below mid-level neutrals. The 50-day SMA is beginning to curve Lower while the 200-day SMA continues to slope Higher. This suggests that selling pressure has remained within Solana price analysis even as confidence amongst bulls picks up.

We are currently trading at $150.65, reflecting a 6% appreciation in USD terms since last week’s close of $144.75. Therefore, it would appear that all selling pressure is exhausted, and upside should be expected soon, following an attempt at least to retake support seen at $145 before any further decline ensues.

Solana Price Analysis: Conclusion 

Solana price analysis is bearish because the price remains below the Ichimoku cloud, and the Tenkan-Sen line moves south. This denotes a lack of bullish momentum and a possible return of selling pressure before bulls gather enough strength to push prices higher again.

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