Is SOL About to Explode Above $100? Three Things to Watch This Week (Solana Price Analysis)


Solana appears to be towards the end of its consolidation and may attempt to break into $100 again.

Key Support levels: $78

Key Resistance levels: $104 

1. Bulls About to Return

Solana was on the verge of charting another lower low, but buyers returned to stop that from happening. As a result, SOL made a higher low, and the price action shows signs it may want to test the resistance at $104.

SOLUSDT_2024-01-16_15-54-42
Chart by TradingView

2. Preparation for a Breakout

If the price gets back above $100, then the key resistance will struggle to stop bulls, and Solana may enter a renewed uptrend. This most recent correction appears to be ending, which would support such a move.

SOLUSDT_2024-01-16_15-54-58
Chart by TradingView

3. MACD Turning Bullish

The 12h MACD is hours away from a bullish cross. If confirmed, then buyers have the upper hand, and SOL will likely return to a three-digit valuation. Watch closely the price action for that signal.

SOLUSDT_2024-01-16_15-55-20
Chart by TradingView

Bias

The bias for SOL is neutral.

Short-Term Prediction for SOL Price

The bias will change to bullish if the key resistance at $104 breaks. Until then, pressure may be building up under this key level, which could lead to increased volatility this week.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.



Source link

Leave a Comment