Solana (SOL) Price Analysis for January 30

Tue, 30/01/2024 – 15:35

Cover image via www.tradingview.com

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Most of the coins are in the green zone today, according to CoinMarketCap.

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SOL/USD

Solana (SOL) is one of the biggest gainers today, going up by 8.83%.

Image by TradingView

On the hourly chart, the price of SOL might have set a local resistance level at $106.40. At the moment, one should pay attention to the daliy candle closure. 

If it happens near that mark, one can expect a breakout, followed by a move to the $107-$108 zone.

Image by TradingView

From the bigger time frame, the situation is less bullish. The rate is trading far from the main levels, which means that neither bulls nor bears have seized the initiative yet. In this case, sideways trading in the area of $100-$110 is the more likely scenario until the end of the week.

Image by TradingView

The price of SOL is rising after the last bar closure. If the current candle closes with no long wick, the upward move may lead to the test of the $120 zone next week.

SOL is trading at $104.74 at press time.

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