Solana (SOLUSD) Price to Swing up, Breakout Imminent

Solana (SOLUSD) Price Forecast: January 31

The market price of SOLUSD might swing up, and a breakout is imminent as the crypto faces the upside. Based on the outlook, should the daily candlestick close above the $271.96 supply mark, the correction phase will extend to meet the resistance at the $300.00 upper trend line as investors continue to mount bullish bets.

Key Levels:
Resistance Levels: $242.00, $243.00, $244.00
Support Levels: $178.00, $177.00, $176.00

SOL (USD) Long-term Trend: Bullish (Daily Chart)

There is a possibility for the SOLUSD price to swing up and a breakout is imminent as the bulls remain steady on the coin investment for better gains in its long-term outlook. The price is moving towards the upper resistance above the converging trend lines, denoting a bullish trend and a rise in volatility.

The bulls’ high order flow to a $228.16 resistance level in the last session has contributed to the coin’s strength in its recent high.

A potential swing up by the Solana bulls to a $241.72 high mark above the EMA-50 as the daily chart commences today, signals strong market optimism and a breakout is imminent.

Thus, a breakout is imminent if the bulls breach the $246.87 resistance, the next swing up could reach the resistance level at the $271.96 peak barrier level, strengthening the asset for more gains.

Similarly, the Solana price may swing up and a breakout is imminent as suggested by the daily signal pointing up. In light of this, the price action may hit the $300.00 upper resistance level in the coming days in its higher time frame.

SOL (USD) Medium-term Trend: Bullish (4H Chart)

Solana remains in a bullish trend in its medium-term outlook. The bulls are trying not to fall this time around. Further, the coin prices are traded slightly above the moving average lines, confirming a bullish trend.

The market price of SOLUSD increases from $238.92 to the $241.72 high level above the moving averages suggesting a breakout is imminent and an uptrend in the context of the strength of the market. Thus, closing the 4-hourly session above the $295.00 supply value will put the trade more on the buying side.

Hence, the Solana pair pointing up on the daily stochastic suggests that the buying pressure may continue, suggesting a possible recovery of the $300.00 supply level in the coming days in the medium-term time frame.

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