Solana Price Prediction: January 2024 Outlook
The current Solana price prediction suggests that bulls are displaying strong aggression, indicating a potential continuation of the rally in January. The cryptocurrency is in a robust uptrend, forming a bullish pattern that underscores the strength of the bulls.
SOL price has surged by an impressive 93% in the current month, successfully breaking through the $100 barrier. This significant rise has bolstered the confidence of long-term investors and contributed to the ongoing rally.
Simultaneously, the increase in buying volume has had a positive impact on the price, signifying the active participation of large and genuine investors in the rally.
From the beginning of November to mid-December, Solana’s crypto price fluctuated in the $40 to $80 range. This consolidation period can be considered a base formation, now acting as a demand zone for the bulls. The 50-day and 200-day EMAs are both sloping upwards, confirming the uptrend. However, the price appears mildly overbought, suggesting the possibility of a minor correction that could pull the price back to the 50-day EMA.
As of now, the SOL/USDT pair is trading at $114.84, marking an intraday rise of 6.45%.
Will Solana Price Sustain the $100 Breakout?
Solana’s price exhibited a surprising rally in December, rewarding long-term investors. This substantial rally, supported by a high buying volume, increases the likelihood of sustaining the higher levels.
Over the past five consecutive sessions, SOL price has been rising and reaching new swing highs. Recently surpassing the $100 mark after forming a base near $80, the breakout appears powerful and reliable.
However, a period of consolidation before further highs would enhance the sustainability of the breakout.
SOL Price Rose 59% in the Current Week – What’s Next?
SOL price has risen by 59% in the current week, with the majority of December’s gains attributed to this recent move. The chart pattern of Solana’s crypto has turned bullish on multiple time frames.
The next challenge for the bulls is the $143.00 level. If the current momentum continues, the price may reach $140.00 by January 2024. On the other hand, if Solana begins a short-term correction, the $80 to $100 zone may act as a support.
Conclusion
The Solana price prediction suggests that as long as SOL maintains levels above $100, the bulls will likely continue their dominance. The recent powerful and reliable move in Solana encourages a strategy of looking for buying opportunities on dips.
Technical Levels
- Resistance Levels: $143.53 and $150.01
- Support Levels: $100.02 and $79.61
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