SOL Explodes by 20% Weekly, Is a Breakout Imminent? Three Things to Watch (Solana Price Analysis)


Solana appears keen to move higher after this most recent correction.

Key Support levels: $78

Key Resistance levels: $104, $126

1. Buyers Return

Solana made a bullish cross this week, and the price shot up. If this momentum continues, then a breakout becomes likely. The resistance at $104 is the only thing left before SOL moves to new highs.

Chart by TradingView

2. Breakout Imminent?

Yesterday, the price attempted to break above $104, but after a brief escape, sellers returned to push SOL back under the key resistance. Nevertheless, this is a bullish signal showing buyers mean business.

SOLUSDT_2024-01-31_11-19-03
Chart by TradingView

3. MACD Bullish Cross Confirmed

The daily MACD did a bullish cross on Monday, and the histogram made another high today. This confirms a bullish bias, and higher levels are likely.

SOLUSDT_2024-01-31_11-26-57
Chart by TradingView

Bias

The bias for SOL is bullish.

Short-Term Prediction for SOL Price

The resistance at $104 may not be able to stop this buying pressure for long. If it breaks above, Solana has the path open to $126, which was the previous high.

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Cryptocurrency charts by TradingView.



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