Solana Price Analysis: SOL Consolidates Around $ 32- $ 35, Next Direction Unclear?
TL; Distribution DR
- SOL retested $ 35.5 resistance over the weekend.
- Nearest support at $ 32.
- Next resistance target at $ 42.
Solana’s price analysis indicates bearish momentum over the next few hours as the $ 35.5 resistance was retested for the second time. Therefore, we expect SOL / USD to retest the $ 32 support again later today, with further price action indicating where Solana is heading next.
The overall market is trading in the red over the past 24 hours. Bitcoin is down 5.4% while Ethereum is down 6.5%. The rest of the market has seen a similar development with lower prices.
Solana price movement in the last 24 hours
SOL / USD was trading in a range of $ 32.70 to $ 35.30, indicating moderate volatility. The volume of transactions increased by 7% to reach $ 310.3 billion. Meanwhile, the total market cap stands at around $ 9 billion, placing the cryptocurrency in 14th place overall.
SOL / USD 4 hour chart – SOL ready to test the support at $ 32 again?
On the 4 hour chart, we can see the price of Solana falling again over the past 24 hours to test the $ 32 support.
Solana’s overall price action is trading in a bearish momentum over the past month. Since the last high around $ 44, SOL / USD has fallen more than 55% and retested support around the $ 20 mark.
From there, SOL has moved higher over the past few weeks, with the 50-period moving average initially offering some resistance. However, after a brief retracement, SOL / USD rose again and reached the next resistance area around $ 35.5.
A week-long consolidation followed, with the previous resistance of $ 32 acting as support and the $ 35.5 mark acting as resistance. Therefore, once the SOL / USD breaks through a breakout on either side, we will see where the market is heading over the following weeks as currently the market may move in either direction.
If Solana breaks above $ 35.5, we can expect the next resistance around $ 42- $ 44 to be tested next. Alternatively, if the $ 32 support holds, we can expect SOL / USD to move to $ 26 support and drop in the following weeks.
Solana Price Analysis: Conclusion
Solana’s price analysis is bearish as the market is still not ready to go up and has come back down in the last few hours. Therefore, we expect SOL / USD to attempt to break through the $ 32 mark in the next few hours.
Until SOL / USD drops, read our guides on DeFi benefits, Bitcoin fees, and what you can buy with Bitcoin.
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