Solana Price Analysis – January 22
The Solana price is recording a downtrend of 13.97% as the coin declines from $114 to touch the low of $88.
SOL/USD Market
Key Levels:
Resistance levels: $135, $145, $155
Support levels: $65, $55, $45
After touching the daily high of $114 today, SOL/USD is seen crossing below the lower boundary of the channel and touches the low of $88 support. The Solana price is likely to stay below the lower boundary of the channel while the technical indicator Relative Strength Index (14) indicates increase in bearish momentum as the signal line remains within the oversold region, which indicates that the market sentiment is presently bearish.
Solana Price Analysis: The Solana (SOL) May Slide Towards the South
At the time of writing, the Solana price is changing hands at $96.63 where it faces the south. However, if SOL/USD rises again and trades above the 9-day and 21-day moving averages, the coin may begin its upward movement which could retest the previous high. Moreover, the nearest resistance levels may be located at $135, $145, and $155 while the support levels lie at $65, $55, and $45 respectively.
SOL/BTC Market: Solana Price May Move Down
When compares with Bitcoin, the Solana price is currently dropping and trading below the 9-day and 21-day moving averages as the coin continues the bearish run. However, if the sell-off later becomes huge, the next level of support may surface below the lower boundary of the channel to locate the key support level at 2300 SAT and below.
On the upside, if the bulls gather enough momentum to push the price above the 9-day and 21-day moving averages; Solana could face the resistance level of 3200 SAT. Any further bullish movement above this level could hit the potential resistance at 3400 SAT and above while the signal line of the technical indicator Relative Strength Index (14) stays within the oversold region, which indicates that more bearish signals may come into the market.
