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Solana price analysis: SOL could move past $40 high if $27 resistance is cleared

Solana price analysis

TL;DR Breakdown

. Solana price dropped to $23 over the past 24 hours
. Price has risen more than 135 percent this month
. $40 target still achievable if $27 resistance is cleared

Solana price analysis continues to show bullish momentum, albeit price dropped around 2 percent over the past 24 hours to drop down to $22.76. SOL rose more than 135 percent over the first 2 weeks of January, moving as high as $24.89. This pushed the resistance point up to $27, which still presents the upward breakout point for price. SOL bulls will be eyeing the $40 high after the resistance zone is cleared. However, price could also be set for a correction and today’s downtrend could extend down to $19 on the daily chart.

The larger cryptocurrency market mostly could be seen settling around yesterday’s prices, as Bitcoin stayed clear of the $21,000 mark, and Ethereum price was set at $1,500. Among leading Altcoins, Ripple rose to $0.38, whereas Cardano remained at $0.34, and Dogecoin at $0.08. Meanwhile, Polkadot recorded a 4 percent increment to move above the $6 mark over the past 24 hours.

Screenshot 2023 01 17 at 11.22.19 PM
Solana price analysis: Cryptocurrency heat map. Source: Coin360

Solana price analysis: RSI moves into severe overbought zone on daily chart

On the 24-hour candlestick chart for Solana price analysis, price can be seen trading at $23.27, having fallen from $24.34 over the past 24 hours. SOL is currently trading above the 50-day exponential moving average (EMA) at $19.84, and below the 200-day simple moving average (SMA). Current support levels sit at $20.53 and $21.57, whereas immediate resistance can be found at $24.64 and $25.68.

SOLUSDT 2023 01 17 23 25 51
Solana price analysis: 24-hour chart. Source: Trading View

The 24-hour relative strength index (RSI) can be seen having moved deep into the overbought region at 77.76. This is likely to recede along with price, and settle into the neutral zone. The moving average convergence divergence (MACD) curve continues to show a bullish divergence, whereas trading volume over the past 24 hours dropped over 43 percent, indicating depleting market interest in the token. Traders could take the $17.45 mark as the invalidation point for the bullish sentiment for SOL. Any movement below this point could trigger a 40 percent loss to move down to $14.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

Razi Khan

Razi Khan

A Master's graduate in Renewable Energy Systems from England, UK, Razi is a tech-enthusiast. He's served as a content specialist for BlockPublisher in the US and has been an avid member of the crypto space as a journalist, trader, investor and analyst since 2018.

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