SOL/USD Trades Bearishly Below $148 – Cryptovibes.com – Daily Cryptocurrency and FX News
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Solana Price Analysis – January 8
The Solana price predictions shows that SOL is currently facing the downside just like any other altcoins in the crypto market.
SOL/USD Market
Key Levels:
Resistance levels: $160, $170, $180
Support levels: $120, $110, $100
SOL/USD is resuming back into the upside as the coin rebounds toward the 9-day moving average. The Solana price is now roaming around the $143 level but if the market continues the down-surge and cross the lower boundary of the channel, the $130 support is likely to surface in the next few negative moves. More so, SOL/USD pair might further look for the lower price levels if the bears continue to show commitment.
Solana Price Analysis: Can Solana Price Head Higher?
According to the daily chart, the Solana price is hovering below the 9-day and 21-day moving averages but the technical indicator Relative Strength Index (14) is preparing to leave the oversold region as the signal line moves above 30-level. Meanwhile, looking at the daily chart, traders can see the trading volume is coming up slowly and the coin may likely create a new high by crossing above the 9-day MA.
Therefore, if SOL/USD pair continues to stay under the control of bears, the price may reach the support levels of $120, $110, and $120. On the upside, if the bulls step back and push the coin towards the upper boundary of the channel, traders can expect the potential resistance levels at $160, $170, and $180.
SOL/BTC Market: Consolidating below the Moving Averages
Looking at the daily chart, SOL/BTC is trading below the 9-day and 21-day moving averages. Although, the price is not yet forming a downward trend on the daily chart as bulls are trying to push the coin higher. However, the Solana price is likely to create an additional uptrend if the bulls push the coin above the 9-day moving average. Therefore, any further bullish movement could take the coin to the resistance levels of 3700 SAT and above.
However, looking at the current Relative Strength Index (14) on the daily chart, it appears that bears are likely to come into focus if the signal line remain below 40-level. Meanwhile, if the Solana price cross below the lower boundary of the channel, it could hit the support level of 3000 SAT and below.
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