Solana’s price remains higher and fluctuates within a trading range. The digital currency faces upward pressure near $157.87. However, sellers failed to capitalize on the downtrend. The current market cap is $46,634,116,790 USD in the last 24 hours.
- Solana (SOL) profits remain consolidating in a narrow range.
- SOL bulls are not willing to give up easily, price action indicates bullish continuation.
- Momentum oscillators trade on a bullish trajectory.
Solana struggles below $150 inside a downward channel
The SOL has shown some buying from as low as $130.93 with a gain of almost 20% in just 3 days. However, the bulls face some resistance near $157. Price consolidating in a $134 and $144 trading range since Jan. 7, breaking range on Jan. 12. PVT indicator (Price Volume Trend) is increasing supporting the underlying uptrend.
On the 4-hour chart, the RSI (Relative Strength Index) trades at 55 with a bullish crossover, suggesting price could break through Thursday’s high. The next market participant will move towards the psychological $170 mark.
On the daily chart, Solana (SOL) price has supported near $131.32 and bounced back to $150. A daily close above the Jan. 13 high of $157.87 will spur those gains. bulls take out the January 5 high, which is placed at $171.26. On the other hand, if the SOL trades below $141.91, the January 14 low, it will negate the continuation of the upward momentum. However, the bullish momentum oscillator and steady volume suggest that the bulls are not in the mood to give up easily. In the short-term, an uptrend towards the $181 level is not yet ruled out.