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Solana Price Analysis & Prediction (Jan 30th) – SOL Eyes $30 But No Enough Volatility to Push Price Higher

Michael Fasogbon by Michael Fasogbon
January 30, 2023
in News
Reading Time: 3 mins read
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Following the latest breakouts among major altcoins, Solana remains calm below the $26 mark as it prepares for another swing high. The price is likely to close above that level this week or even in the coming week.

Solana held support at $23 and remained in the middle of consolidation for the past few days. Although a potential surge in volatility is likely to occur sooner than later. 

Despite the low trading volume in the market, the setup still looks bullish on the daily time frame. As a matter of fact, it has started to show a sign of strength in the 4-hour time frame with higher highs and higher lows formation. 

These past weeks of recovery could peak at $30 before Solana can make a nice retracement. The mentioned price level coincides with the channel’s resistance, which has suppressed buying pressure for the past months. 

A clear break above the channel could trigger more positive actions, which may lead to a big rice movement on the macro level. The break, at the same time, will validate a bull run from a mid-term perspective.

On the other hand, rejecting the channel’s resistance would confirm the much-anticipated retracement movement to provide a discount. Solana is currently down by 2% with a market cap of $9 billion as per coinmarketcap data.

Solana’s Key Level To Watch Out For

solana price analysis
Source: Tradingview

Before surging to the key target level at $30, it would need to break through the current holding resistance of $26 to $28 along the way on the lower time frame. The resistance above this key level is $33.5 and perhaps $39 in the future.

In case of a retracement, the closest level to consider as support is this week’s low of $22.3 and the important level of $20.4. The subsequent supports to keep in mind are $189 and $15.12.

Key Resistance Levels: $26, $28, $30

Key Support Levels: $22.3, $20.4, $18.9

  • Spot Price: $24.5
  • Trend: Bullish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.

Image Source: skorzewiak/123RF // Image Effects by Colorcinch

Tags: solana
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