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Solana is Up 6% Daily, Here’s the Key Resistance (SOL Price Analysis)

Summary:
Solana continues to perform despite a decline in the buying volume, booking a 6% increase in the past 24h. Key Support levels: Key Resistance levels: The resistance at is keeping bulls in check. They have been rejected at that level on Saturday. In the process, SOL has formed an ascending triangle, and a major breakout is expected over the coming days. Should bulls fail, then the price can quickly fall to the support. Chart by TradingViewTrading Volume: The considerable buying volume has allowed Solana to remain on the offensive, but the momentum is fading. RSI: The daily RSI is just under 80 points and is making lower highs. This is bearish. MACD: The daily MACD is still bullish but may do a bearish cross at any moment based on the histogram, which is also

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Solana continues to perform despite a decline in the buying volume, booking a 6% increase in the past 24h.

Key Support levels: $20

Key Resistance levels: $27

The resistance at $27 is keeping bulls in check. They have been rejected at that level on Saturday. In the process, SOL has formed an ascending triangle, and a major breakout is expected over the coming days. Should bulls fail, then the price can quickly fall to the $20 support.

SOLUSDT_2023-01-26_17-34-43
Chart by TradingView

Trading Volume: The considerable buying volume has allowed Solana to remain on the offensive, but the momentum is fading.

RSI: The daily RSI is just under 80 points and is making lower highs. This is bearish.

MACD: The daily MACD is still bullish but may do a bearish cross at any moment based on the histogram, which is also making lower highs.

SOLUSDT_2023-01-26_17-35-07
Chart by TradingView

Bias

The bias for SOL is neutral at this time.

Short-Term Prediction for SOL Price

There are some clear signs that Solana may not be able to overtake the key resistance at $27. Buyers would really need to step up to achieve that, and the current volume and indicators don’t show it.

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