Solana Price Analysis: SOL consolidates above $168, reversal incoming?

TL;DR Breakdown

• Solana price analysis is bullish today.
• SOL/USD retested $168 support yesterday.
• Bullish momentum returned overnight.

Solana price analysis is bullish today as we expect another test of upside today after the $168 support held again. Likely, SOL/USD will attempt to set a higher high, leading to a reversal from the previous major downswing.

The cryptocurrency market has seen bearish momentum return over the last 24 hours. The market leaders, Bitcoin and Ethereum, traded in the red, with a loss of 2.31 and 2.12 percent, respectively. Meanwhile, Solana lost 1.67, falling in the middle of the pack.

Solana price movement in the last 24 hours: Solana retests $168, continues consolidation

SOL/USD traded in a range of $168.31 – $176.05, indicating mild volatility over the last 24 hours. Trading volume has declined by 10.4 percent, totaling $1.33 billion. Meanwhile, the total market cap trades around $53.27 billion, ranking the coin in 5th place overall.

SOL/USD 4-hour chart: SOL ready to push higher?

On the 4-hour chart, we can see the Solana price moving higher again, likely leading to another test of the $175 local resistance.

Solana price saw a sharp decline at the beginning of this week. After previously gaining bullish momentum, SOL/USD peaked at $205 on the 27th of December, leading to an immediate selloff below $190.

More downside followed later in the week until the $168 mark offered support. Solana reacted to $175, with another test of upside reaching towards $178. Yesterday, another spike lower followed, with the $168 mark preventing more downside again.

Therefore, the Solana price action has found strong support. Likely we will soon see a higher local high set as bulls are ready to retrace the sharp loss seen during the beginning of the week.

Solana Price Analysis: Conclusion 

Solana price analysis is bullish today as the $168 support prevented more downside again, sending the market higher. Likely SOL/USD is now ready to set a higher high to begin retracing the sharp loss seen earlier this week, 

While waiting for Solana to move further, see our articles on crypto tax-loss harvesting, BTC-backed mortgage services, and Pi Wallet.