Solana Recovers but Finds Penetration Difficult at $24

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Key Highlights
Solana has rallied to the high of $24
SOL/USD has a target price of $38

Solana ( SOL) Current Statistics
The current price: $23.25
Market Capitalization: $12,524,248,667
Trading Volume: $1,426,308,589
Major supply zones: $60, $80,$100
Major demand zones: $50, $30, $10

Solana (Sol) Price Analysis January 16, 2022
Solana’s (SOL) price has broken above the moving average lines but finds penetration difficult at $24. Solana had been trading in a range between $12 and $17.50 since November 9 before the recent price rebound. The coin has entered the bullish trend zone as price bars remained above the moving average lines. At the time of writing, the bullish momentum has increased to a high of $24. The recent high is the first point of resistance for the coin. On the plus side, the altcoin will increase to a high of $38 if buyers manage to get past the resistance at $24. The cryptocurrency asset is currently trading in the market’s overbought area. If sellers materialize in the overbought area, the altcoin will fall. As of this writing, SOL/USD is trading for $23.18.

Solana Recovers but Finds Penetration Difficult at $24
SOL/USD – Daily Chart

Solana Technical Indicators Reading
On the Relative Strength Index for period 14, Solana is at level 79. The overbought area has been reached by the market. Bullish exhaustion will soon set in for the current trend. The price bars are well above the moving average lines, indicating that the price will continue to rise. The altcoin is rising above level 70 of the daily Stochastic.

Conclusion
Solana has risen from the bottom of the chart but finds penetration difficult at $24. As bulls bought the dips, the cryptocurrency asset fell as low as $7.92. After breaking through the $12 and $17.50 resistance levels, the altcoin has continued to rise. The overbought state of the asset has caused the current bullish momentum to slow down. If the altcoin experiences selling pressure at the recent high, it will fall.

Solana Recovers but Finds Penetration Difficult at $24
SOL/USD – 4 Hour Chart

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.