Solana Price Analysis: SOL slowly retraces from $180 before more upside?

TL;DR Breakdown

• Solana price analysis is bullish today.
• SOL/USD looks to set a higher low.
• New high set at $180 yesterday.

Solana price analysis is bullish today as we expect the current retracement to end with a higher low set soon. From there, SOL/USD will likely continue higher again and move past the $180 current local high.

The cryptocurrency market has traded with mixed results over the last 24 hours. The market leader, Bitcoin, has gained 0.33 percent, while Ethereum has 1.93 percent. Meanwhile, Solana (SOL) trades with a slight loss of 0.96 percent.

Solana price movement in the last 24 hours: Solana retraces to set higher low

SOL/USD traded in a range of $172.32 – $178.37, indicating low volatility over the last 24 hours. Trading volume has declined by 10.5 percent, totaling $972 million, while the total market cap trades around $53.7 billion, ranking the coin in 5th place overall.

SOL/USD 4-hour chart: SOL ready to rally again?

On the 4-hour chart, we can see the Solana price likely setting a higher low in preparation for another push higher.

Solana price action has traded sideways over the past days after previously setting a strong swing high at $204 and quickly retracing 18 percent to the $168 mark. The newly found support was retested on Friday, with a quick reaction higher, indicating a lack of further selling pressure.

Therefore, we expect SOL/USD to be forming a reversal, meaning a new higher swing low has been set. From there, the market has also set higher local high yesterday as it peaked just below $180.

Since then, the Solana price action has slowly retraced, likely as bulls prepare a base from which to push higher later this week. Therefore, we expect SOL/USD to see more upside over the next 24 hours and further heights tested later in the week.

Solana Price Analysis: Conclusion 

Solana price analysis is bullish today as the market has likely retraced enough and has set a higher low. Therefore, SOL/USD is now ready to break higher and reverse the loss seen last week.

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