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Solana (SOL) Nears $100, Poised for Directional Shift

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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 18, 2024 | 2 min
Updated on Jan 22, 2024
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  • SOL/USD approaches critical $100 mark, trading at $99.98 with positive market interest.
  • Neutral to bullish sentiment indicated by RSI at 54 and MACD at 0.36.
  • Key focus on $97.80 level for potential bullish breakout in Solana.

As the digital currency landscape continues to evolve, Solana (SOL/USD) emerges as a significant player, trading at $99.98 with an impressive 24-hour trading volume of $3.15 billion. The cryptocurrency currently ranks fifth in the market, boasting a live market cap of $43.27 billion. With a circulating supply of approximately 432.8 million coins, Solana’s presence in the digital asset space is undeniable.

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

Solana (SOL) Price Prediction: Technical Outlook

Technical analysis on a 4-hour timeframe provides critical insights into Solana’s current market standing. The pivot point for SOL/USD is identified at $95.23, setting the stage for potential upward or downward movements. The cryptocurrency faces immediate resistance at $105.35, with subsequent levels at $117.11 and $127.55. On the flip side, Solana finds support at $83.47, followed by $73.35 and $61.92.

 

The Relative Strength Index (RSI) is currently at 54, suggesting a neutral to slightly bullish market sentiment. The Moving Average Convergence Divergence (MACD) stands at 0.36, with a signal value of 1.14. These indicators suggest that while there is potential for upward momentum, a degree of caution is warranted.

 

The 50-Day Exponential Moving Average (EMA) is currently positioned at $97.65, near the pivotal level, indicating potential resistance. A noteworthy observation in the Solana chart is the formation of an asymmetric triangle pattern, evident in the 4-hour timeframe. This pattern establishes an integral hurdle around $104.47, while support is holding strong at around $97.80. Below this, $93 is anticipated to act as a major support level, further bolstered by an upward trend line.

 

Given these dynamics, the resolution of this triangle pattern is likely to be a determining factor in Solana’s price action in the near future. The crucial level to watch is $97.80; a sustained movement above this mark could signify a bullish trend for SOL/USD.

 

In conclusion, Solana presents itself as a robust digital asset, with its current technical indicators and chart patterns suggesting a cautiously optimistic outlook. The overall trend for SOL/USD appears bullish above the $97.80 level. However, traders and investors should closely monitor the asset’s reaction to these technical levels, as any significant deviation could alter the short-term forecast.

Stay anchored with daily-crypto.com for more in-depth analyses on Solana and other crypto movers!

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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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