By | January 3, 2022

TL;DR Breakdown

  • Solana worth evaluation is bullish at the moment.
  • SOL/USD appears to be like to set the next low.
  • New excessive set at $180 yesterday.

Solana worth evaluation is bullish at the moment as we count on the present retracement to finish with the next low set quickly. From there, SOL/USD will probably proceed greater once more and transfer previous the $180 present native excessive.

Cryptocurrency warmth map. Supply: Coin360

The cryptocurrency market has traded with blended outcomes during the last 24 hours. The market chief, Bitcoin, has gained 0.33 %, whereas Ethereum has 1.93 %. In the meantime, Solana (SOL) trades with a slight lack of 0.96 %.

Solana worth motion within the final 24 hours: Solana retraces to set greater low

SOL/USD traded in a spread of $172.32 – $178.37, indicating low volatility during the last 24 hours. Buying and selling quantity has declined by 10.5 %, totaling $972 million, whereas the whole market cap trades round $53.7 billion, rating the coin in fifth place total.

SOL/USD 4-hour chart: SOL able to rally once more?

On the 4-hour chart, we will see the Solana worth probably setting the next low in preparation for an additional push greater.

Solana Price Analysis: SOL retraces from $180 before more upside?
SOL/USD 4-hour chart. Supply: TradingView

Solana worth motion has traded sideways over the previous days after beforehand setting a powerful swing excessive at $204 and rapidly retracing 18 % to the $168 mark. The newly discovered help was retested on Friday, with a fast response greater, indicating a scarcity of additional promoting strain.

Due to this fact, we count on SOL/USD to be forming a reversal, that means a brand new greater swing low has been set. From there, the market has additionally set greater native excessive yesterday because it peaked just under $180.

Since then, the Solana worth motion has slowly retraced, probably as bulls put together a base from which to push greater later this week. Due to this fact, we count on SOL/USD to see extra upside over the following 24 hours and additional heights examined later within the week.

Solana Value Evaluation: Conclusion 

Solana worth evaluation is bullish at the moment because the market has probably retraced sufficient and has set the next low. Due to this fact, SOL/USD is now prepared to interrupt greater and reverse the loss seen final week.

Whereas ready for Solana to maneuver additional, see our articles on crypto tax-loss harvesting, BTC-backed mortgage providers, and Pi Wallet.

Disclaimer. The knowledge supplied just isn’t buying and selling recommendation. holds no legal responsibility for any investments made based mostly on the data supplied on this web page. We strongly suggest impartial analysis and/or session with a certified skilled earlier than making any funding choices.

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