SOLANA (SOL) Price Looking For Validation Above $150, Rises 12% In Past 7 Days

By Rekha chauhan
Published January 15, 2022 Updated January 17, 2022
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SOLANA (SOL) Price Looking For Validation Above $150, Rises 12% In Past 7 Days

By Rekha chauhan
Published January 15, 2022 Updated January 17, 2022

Solana’s price remains higher and oscillates in a trading range. The digital currency faces upside pressure near $157.87. However, sellers failed to capitalize on the downside trend. The current market cap is $46,634,116,790 USD in the past 24-hours.

  • Solana (SOL) gains remain consolidated in a tight range.
  • SOL bulls are not ready to give up easily, price action suggests upside continuation.
  • The momentum oscillators trade in a bullish trajectory.

Solana struggles below $150 inside the downward channel

SOL has shown some bottom buying from the lows of $130.93 with almost 20% gains in just 3 days. However, the bulls face some resistance near $157. The price consolidates in a trading range of $134 and $144 since January 7, the range breaks on January 12. The rising PVT (Price Volume Trend) indicator supports the underlying bullish current.

Source: Trading view

On the 4-hour chart, The RSI (Relative Strength Index) trades at 55 with a bullish crossover, which indicates the price could move beyond Thursday’s high. Market participant next looks to move towards the $170 psychological mark.

Source: Trading view

On the daily chart, Solana’s (SOL) price has taken support near $131.32 and moved back to $150. A daily close above the January 13 high of $157.87 would motivate bulls to take out the high of January 5, which is placed at $171.26. On the other hand, if SOL trades below $141.91, the low of January 14 then it would negate the continuation of the upside momentum. However, the rising momentum oscillator and stable volumes suggest that bulls are not in a mood to give up easily. In the short term, the upside till the level of $181 is not ruled out.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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