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SOLANA PRICE ANALYSIS CMP-$16.30: Solana soars, as the Bulls is chasing the $18 barrier

Solana had the greatest opening week of the year of any top-20 coin, with a 70% rise in eight days.

09 Jan 2023 By : COIN GABBAR

According to the technical charts, Solana (SOL) has broken over its first resistance level of $15. On the upside, the next immediate barrier for SOL is $19. If Solana breaks this, it might set the stage for the next bull run in crypto.

Solana rose more than 20% and exceeded $15. The price of SOL is climbing and may break over the $16.80 barrier level. Solana prices fell sharply this month after breaking through the $15 barrier level. The price fell below the $12.50 and $10 support levels, re-entering the bearish zone.

The price has traded as low as $8.00 and has just begun to rise again. The price rose sharply over the $10 and $12 barrier levels. Furthermore, the SOL/USD pair broke above a major bearish trend line with resistance above $10.20 on the 4-hours chart.

The price of sol is presently trading above $15 and above the 21-hour simple moving average. The price has risen by more than 20% and is showing positive signs, comparable to bitcoin and ethereum. It is currently trading above the 23.6% Fib retracement level of the uptrend from the $12.86 swing low to the $16.87 high.

On the 4 hour chart, SOL is trading in a rising channel pattern, with price hitting the pattern's top from the bottom. Solana price study indicates that the market is in a bullish trend; moreover, Solana has gained massive bullish momentum, indicating that the SOL market is on the rise. Solana's price has been positive over the last 12 hours.

On the upside, an immediate resistance level is at $16.80. The first significant resistance is found at the $17 level. The next major resistance is in the $18 level, over which the price may rise to the $20 level. Any further rises might push the price up to $25.

If SOL fails to break over the $16.80 barrier, it may begin a downward trend. On the downside, initial support is at the $15.90 level. The first major support is at $14.80. It is approaching the 50% Fib retracement level of the uptrend from the $12.86 swing low to the $16.87 high. The next major support is at $14.10. If the price falls below the $14.10 support, the bears could even push it below $13.50.

This SOL's market capitalization is $5,969,964,977 according to Price Analysis. The coin's 24-hour trading volume is around $1,305,806,241. The market value of SOL has increased by 17.95%. During intraday trading, however, transaction volume increased by 362.32%.


RESISTANCE LEVEL : $17.00-$18.00

SUPPORT LEVEL : $15.00-$14.00

With an 18% gain, SOL is one of today's best performers. As a result, the currency just hit an intraday and two-month high of $16.87. Is it, however, sustainable growth or a trap? Please leave your comments in the section box.