- Solana price analysis is bullish today.
- SOL/USD still holds below $148.
- SOL/USD is currently trading at $136.3.
Solana price analysis is bullish today as we expect the current consolidation to end with a higher break. Likely, SOL/USD will move past the $148 local resistance and look to finally retrace the previous loss.
Looking at the 4-hour chart, we see that SOL/USD is still holding onto the 0.00046 support, which was slightly higher yesterday. The MACD curve has also shifted to begin curving upward and looks set to break above its short-term resistance in days to come. If the current trend continues, we expect SOL/USD to quickly retrace on its way to the $148 resistance level, which was previously breached on January 10th.
Overly, our support and resistance lines are clearly defined for this market. First, looking at the nearest support lines, we see that $136 is holding up perfectly fine so far today, while the second line at around $135 will be an important one should sellers begin showing interest in lower prices. A drop below this price level would mean that bulls have officially given up on regaining strength, resulting in bearish activity taking over control of Solana price analysis near term.
Also, suppose bulls manage to get past today’s barrier at $133-134 without dropping below $135. In that case, there is a chance that SOL/USD will continue its bullish movement to January 17th resistance levels above at around $155.
SOL/USD 4-hour chart: SOL prepares to break higher?
On the 4-hour chart, we can observe the Solana price action continue to consolidate, most likely as bulls prepare to return from their losses.
SOL/USD 4-hour chart. Source: TradingView
The Solana price fell another last Thursday. After several days of consolidation above $168, a strong break lower occurred on January 5th.
On January 7th, the $135 served as support when the price fell below it. The market has since retraced to $148, where resistance was first formed locally.
The Solana price action oscillated without a clear trend over the weekend. We can infer that bears have run out of steam, which may indicate the onset of a significant retracement in the days ahead.
RSI has dropped below the 50 levels, which is generally considered bearish. This indicator has been trending lower since SOL/USD fell from $148.
The bears have not been able to take advantage of the weak market conditions for several days now, suggesting that bulls have finally begun pushing prices higher. If this trend continues, SOL/USD will likely close above $150 in a couple of days from now and retrace previous losses.
Solana Price Analysis: Conclusion
The Solana price is up today as we saw the $1.48 resistance tested again, followed by another higher low set overnight. As a result, we anticipate that SOL/USD will soon break higher and recoup some of the previous week’s loss.
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