Solana Price Analysis: Bull’s eye $250 resistance

  • Solana price analysis is bullish today.
  • SOL/USD is currently trading at $234.
  • Bearish momentum returned overnight.

Solana price analysis shows that the bulls are currently in control of the market. SOL/USD has been up more than 1.98% in the past 24 hours, and it is currently trading at $234. The bullish momentum returned overnight, and we will likely see a new all-time high soon. The main resistance level is at $250, so a break above this level could further increase value. On the downside, support levels can be found at $200 and $180.

SOL/USD 4-hour chart: Bulls dominates the market

With the Solana price chart over the past 24 hours, we may observe a bearish momentum return overnight, likely resulting in further downside testing later today. The main support level can be found at $200, followed by $180. A break below these levels could see SOL/USD fall towards the next major support at $150. Conversely, if the bulls can regain control, we may see a return to the previous highs around $250.

Looking at the SOL/USD daily chart, we may see that the bulls are looking to take control of the market. A break above the previous highs around $250 could see SOL/USD reach new all-time highs. The main resistance level can be found at $270, followed by $300. However, if the bears regain control, we may see a return to the support levels around $200 and $180.SOL/USD 4-hour chart. Source: TradingView

The Bollinger bands and are wide, signaling that volatility is high. The RSI indicator is also in the overbought zone, which means a high probability of a correction soon.

The RSI indicator also shows that the current price is higher than the moving average, which indicates that we may see a correction in SOL/USD towards $220 or $200 soon.

Solana’s price dropped to a new low of $185 on November 26, continuing its downward trend that began in mid-November. As a result, the overall several-week trend is growing bearish, suggesting that we will see additional losses until a sturdy higher high is recorded.

On Saturday, SOL/USD was put to the test again, at $185, which it promptly pierced. Yesterday’s minor support/resistance of $210 was broken in the afternoon, with resistance for further rises seen just above it.

Solana Price Analysis: Conclusion 

Solana price analysis shows that the bullish momentum returned overnight. We will likely see an all-time high soon, possibly at $250. However, if the bulls can regain control, we may see a return to the support levels around $200 and $180.