Solana (SOL/USD) Seeks Stability Above the $100 Price Level
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In a remarkable turn of events during the previous daily trading session, Solana bulls gathered significant momentum and surpassed the $100 price level. In today’s trading session, bullish activity continues to prevail. Currently, the focus is on maintaining stability above the crucial $100 mark. Despite encountering notable bearish resistance at this level, the initial step for the bulls to overcome this resistance is to establish stability near it, which appears to be the current strategy of the market.
Solana Market Data
- SOL/USD Price Now: $102.25
- SOL/USD Market Cap: $44 billion
- SOL/USD Circulating Supply: 436 million
- SOL/USD Total Supply: 569 million
- SOL/USD CoinMarketCap Ranking: #5
Key Levels
- Resistance: $105, $110, and $115.
- Support: $94, $90, and $83.
The Solana Market Analysis: The Indicators’ Point of View
Yesterday’s impressive bull run extended into today’s trading session, providing the bulls with ample momentum to strive for a solid position above the $100 price threshold. This endeavor is anticipated to intensify pressure on the $101 resistance level, despite the prevailing strong bearish sentiment at this juncture. The Solana market’s performance on January 30 underscores the robust bearish sentiment surrounding these price zones, as evidenced by the prevalent inverted hammer pattern throughout that trading day. Currently, the prevailing signal from crypto indicators suggests a consolidation trend, notwithstanding the indication of high market volatility signaled by the considerable bandwidth of the Bollinger Bands.
SOL/USD 4-Hour Chart Outlook
Based on the 4-hour chart analysis, we observe a newly formed support level near the resistance point, approximately at $100.8. Despite the prevailing bearish sentiment surrounding this resistance level, which has somewhat curtailed the bull market’s momentum in recent trading sessions, maintaining a strong foothold at this level could potentially pave the way for a breakthrough. Should the bulls manage to sustain control, there is a possibility that the resistance barrier may soon yield to the bullish momentum, potentially leading the market to revisit its previous highs.
