Market Analysis

SOLANA PRICE ANALYSIS & PREDICTION (January 31) – SOL Back Above $100 Following A Steady Increase In A Week

Following a slight rejection during last week’s drops, Solana, SOL increased by 28% to mark a new multi-week high today. The price currently looks strong as more gains lie ahead. 

Sol fell hard this month but has managed to halt selling after dipping to $79. It rejected this price level with a bounce and started to show signs of strength across the timeframes.

After a week of notable increase, it climbed back above a psychological $100 level and closed strong yesterday. The bulls appear back with a solid footing on the lower time.

Looking at the higher time frame, the price is slowly building up for another explosive rally. Hence, the bullish signal is not valid yet until we see a strong close above the previous high.

If the bears show up to intercept the build-up, Sol may fall back below the mentioned psychological level. And failure to bounce back may result in a more bearish condition as it dips. If that happens, last week’s support would be the key level to watch for a crackdown.

Right now, the trend looks bullish across all the major timeframes. As long as the buyers continue to show commitment, we should expect a steady increase until a break occurs for a huge gain.

SOL Key Level To Watch

Source: Tradingview

Sol’s next target for now is $110. If the price further increases, the higher resistance level to keep in mind is $116.9 and $126.3 before breaking higher.

There are no signs of bears in the market right now. However, if they return with a drop below the psychological level, the potential support levels to keep in mind are $90 and f $80. Sliding through the holding $79 level could trigger more selling actions to $70 and perhaps $60 in the future.

Key Resistance Levels: $110, $116.9, $126.3

Key Support Levels: $100, $90, $80

  • Spot Price: $103
  • Trend: Bullish
  • Volatility: High

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

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

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