Solana Trades Marginally as it Encounters Resistance at $26

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Key Highlights
Solana consolidates above the $24 support
SOL/USD continues its upward move

Solana ( SOL) Current Statistics
The current price: $24.23
Market Capitalization: $13,113,144,174
Trading Volume: $835,248,192
Major supply zones: $60, $80,$100
Major demand zones: $50, $30, $10

Solana (Sol) Price Analysis January 24, 2022
Solana’s (SOL) price has risen above the moving average lines as it encounters resistance at $26. The positive momentum has not yet been maintained by buyers above the $24 resistance. The cryptocurrency price broke the resistance at $24 on January 20 but came under selling pressure at around $26. The altcoin has recovered above the $24 support. On the plus side, if the bullish momentum is maintained by the $24 support, the altcoin will increase to a high of $38. However, as the altcoin approaches the overbought area of the market, a further upward movement is improbable. If Solana is rejected in the overbought area, it can drop. The altcoin will drop if it crosses the $17 breakthrough mark. Also, if the $17 support is broken, the digital asset would retrace its steps to its previous low at $11.57.

Solana Trades Marginally as it Encounters Resistance at $26
SOL/USD – Daily Chart

Solana Technical Indicators Reading
Solana is at level 69 on the Relative Strength Index for period 14. As the market approaches the overbought area, the current positive momentum could diminish. The price bars are unmistakably above the moving average lines as price makes higher highs and higher lows. Above level 80 of the daily Stochastic, the altcoin is in the overbought area.

Conclusion
Solana is over the $24 support as it encounters resistance at $26. The upward movement has stalled as a result of the presence of Doji candlesticks. The cryptocurrency is currently overbought. As the market enters the overbought zone, further growth is improbable.

Solana Trades Marginally as it Encounters Resistance at $26
SOL/USD – Daily 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.