Market Analysis

SOLANA PRICE ANALYSIS & PREDICTION (January 18) – Sol Fails To Retake $100 Following A Sligh Recovery, More Drops Lie Ahead

Solana’s price continued to fall by the day and has lost roughly 10% of its valuation in the last three weeks. It recently recovered from the monthly low but has found it difficult to push above a critical resistance.

Since the price touched the $126.3 level in late December, Sol has been on the fall with no solid support to bring the bulls back in the market.

Although, it managed to bounce off a monthly low of $85 a few days ago but has been finding it difficult to recover well above the $100 level, which has been serving as a critical resistance for Sol over the last 7 days. 

In an attempt to climb above that level earlier today, it saw a sharp rejection and fell back to $97 at the time of writing. A further drop from this price level could trigger a notable loss in the next few days.

Inversely, if Sol’s bulls manage to push through the critical resistance level, they may have an upper hand to regain control on the daily graph. 

But with the look of things, the price is more likely to dip as soon as the supply level increases. Despite the drops in the past weeks, Sol’s mid-term bullish remains intact on the monthly scale.

SOL’s Key Level To Watch

Source: Tradingview

Sol just rejected the critical $100 resistance level. A successful climb above this level could recover the price to $110 and $116.9. The $126.3 level should be considered as a breakpoint for a fresh rally.

The $90 and $85 levels are currently providing support. If these levels crack, there’s a close support at $80 before dipping lower.

Key Resistance Levels: $100, $110, $116.9

Key Support Levels: $90, $80, $70

  • Spot Price: $97.3
  • Trend: Bearish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.

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Image Source: alexandarilich/123RF // Image Effects by Colorcinch

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