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SOL/USD at $87.22: Daily Crypto Eyes Crucial Levels

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Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
By Arslan Ali Butt
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
on January 25, 2024 | 1 min
Updated on Jan 25, 2024
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  • Solana (SOL/USD) currently trading at $87.22, recording a 3.31% increase; positioned at #5 with a significant market cap of $37.78 billion.
  • Key resistance levels identified at $93.84 and $100.63, with crucial support at $77.24 and $67.68, dictating SOL’s short-term price movements.
  • Overall trend for Solana remains bearish below the resistance of $89.64; a breakout above this level could signal a shift to bullish momentum.

 

Today in our Solana Price analysis at daily crypto, we observe that Solana (SOL/USD) is currently trading at $87.22, having risen 3.31% in the last 24 hours. It holds the #5 rank on CoinMarketCap with a market cap of approximately $37.78 billion and a high trading volume of $2.20 billion. This notable market cap is backed by a circulating supply of 433.1 million SOL coins.

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SOL/USD Price Chart
SOL/USD Price Chart – Source: Tradingview

Solana SOL Price Prediction: Technical Outlook

At the core of Solana’s technical outlook is a pivot point at $84.03. The cryptocurrency faces several resistance levels, with the immediate one at $93.84, followed by $100.63 and then $110.45. These thresholds will test Solana’s ability to sustain its upward momentum. Conversely, the support levels at $77.24, $67.68, and $57.87 provide potential cushions against price retracements.

 

The Relative Strength Index for SOL/USD is at 48, indicating a neutral market sentiment. Meanwhile, the Moving Average Convergence Divergence (MACD) is at 0.80 with a signal line of -0.99, suggesting a potential for increased bullish momentum.

 

Notably, Solana has recently recovered above the $79.90 level. However, it faces a challenge at around $89.65, struggling to breach this barrier. The formation of doji candles near the 50-Day Exponential Moving Average (EMA) at $89.82 and the major resistance level of $89.64 signifies a possible downtrend. A downward trend line on the four-hourly timeframe is also providing resistance around the $89.64 level, making it a pivotal point for today’s trading.

 

The current situation in the Solana market suggests a strategy of cautious trading. Selling below the $89.64 resistance level seems prudent, while a break above this level could signal a bullish breakout, warranting a shift to a buying position.

 

In summary, Solana’s trend appears bearish below the critical resistance of $89.64. A failure to surpass this level may reinforce the bearish outlook, whereas a breakout above could alter the trajectory, indicating potential for further upside movements.

Stay anchored for more in-depth analyses on Daily-crypto.com!

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About Arslan Ali Butt
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
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