Solana price analysis: SOL pauses before breakout above $100?

TL;DR Breakdown

• Solana price analysis is bullish today.
• SOL/USD rallied higher yesterday.
• Consolidation below $100 seen overnight.

Solana price analysis is bullish today as we expect the current consolidation to resolve with a break above the $100 resistance. In case the breakout is seen today, we expect a lot more upside to be seen next week.

The cryptocurrency market has seen mixed results over the last 24 hours. The market leaders, Bitcoin and Ethereum, have gained 0.66 and 2.3 percent. Meanwhile, Solana (SOL) has slightly declined by 1.78 percent.

Solana price movement in the last 24 hours: Solana moves higher, consolidates below $100

SOL/USD traded in a range of $93.96 – $98.61, indicating substantial volatility over the last 24 hours. Trading volume has declined by 31 percent, totaling $1.47 billion. Meanwhile, the total market cap trades around $30.13 billion, ranking the coin in 7th place overall.

SOL/USD 4-hour chart: SOL looks to break higher?

On the 4-hour chart, we can see steady price action overnight, potentially as bulls gather momentum to finally break higher today.

Solana price has traded sideways over the last week. After previously finding a new major swing low at $80, SOL/USD established local resistance around $100 as the market reacted higher.

A clear higher low was set above $85 earlier in the week, indicating a bullish market structure has formed. From there, SOL slowly rallied higher over the past days looking to test the $100 resistance.

Over the last 24 hours, the Solana price action could not break higher and formed consolidation close to the resistance. Therefore, a good base from which to attempt another break higher has been set, and we should see Solana break higher over the next 24 hours.

Solana price analysis: Conclusion 

Solana price analysis is bullish today as we have seen a steady advance over the last 24 hours and a consolidation overnight. Therefore, SOL/USD is now likely ready to finally break the $100 mark and continue to regain the massive loss seen during the middle of the month.

While waiting for Solana to move further, see our articles on Coinbase vs Coinbase Pro, Hardware vs Software wallet comparison, best Crypto trading platforms in the USA.