SOL Explodes 60% Weekly But How High Can it Reach? (Solana Price Analysis) - CryptoPotato

Trending 1 week ago

Solana’s terms doubled since the extremity of December, and bulls proceed to beryllium successful power of the terms action.

Key Support levels: $20

Key Resistance levels: $27

SOL has managed to afloat retrieve astir of the driblet that started successful November 2022. At this rate, buyers look anxious to instrumentality its terms backmost to pre-FTX illness levels soon.

To support this affirmative momentum, the cryptocurrency volition person to interruption the cardinal absorption astatine $27. Sellers proceed to beryllium absent, but if they return, past the cardinal enactment is recovered astatine $20.

SOLUSDT_2023-01-16_16-02-18Chart by TradingView

Trading Volume: The buying measurement is making higher highs. This is bullish. As agelong arsenic it continues, determination is nary looking backmost for buyers.

RSI: The regular RSI astir reached 90 points. While this shows bargain unit is high, it besides serves arsenic a informing that this level of momentum is hard to support for long.

MACD: The regular MACD is bullish, but the histogram appears to crook flat. This whitethorn awesome that buyers are losing strength.

SOLUSDT_2023-01-16_16-02-38Chart by TradingView

Bias

The bias for SOL is bullish.

Short-Term Prediction for SOL Price

Such parabolic moves are known to bring an arsenic almighty retrace. Therefore, buyers request to beryllium connected defender because, astatine immoderate moment, the terms could rapidly reverse people and enactment sellers successful charge. It’s important to stay vigilant.

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Disclaimer: Information recovered connected CryptoPotato is those of writers quoted. It does not correspond the opinions of CryptoPotato connected whether to buy, sell, oregon clasp immoderate investments. You are advised to behaviour your ain probe earlier making immoderate concern decisions. Use provided accusation astatine your ain risk. See Disclaimer for much information.

Cryptocurrency charts by TradingView.

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