SOLANA PRICE ANALYSIS & PREDICTION (January 23) – SOL Enters Pullback Mode After a Week Rally, Looking For Support

2025-1-24 00:35

This week saw Sol through a slight pullback after posting a significant gain last week. It currently appears weak, looking for close support. 

Sol’s recent performance was awe-inspiring as it suddenly rose from a low of $170 to a new all-time high of $296 – marking an insane 70% gain in a single week. That speedily drove positive sentiment back in the market, but the asset lost buzz and closed last weekend at $250.

Starting this week on a negative note, the bulls attempted to sustain the momentum but they failed following multiple rejections under $280. This brought a little setback for the bulls and they are now on the verge of losing control on the lower timeframe, forming a bearish pattern hourly.

Looking at the current price weakness on the daily chart, the weekly timeframe is still suggested strong for more buys. A drop below this week’s low could wash the recent gain off to bring trading back around the monthly low. A breakdown there could result in a major sell-off.

But from the look of things, the price is expected to see more growth in the coming weeks with the newly formed W-pattern on the daily chart.

The neckline break is yet to be confirmed. A daily close above $270 should set the pace for a massive run up to a new high. Regardless of the latest drops, Sol’s overall market structure is still considered bullish weekly.

SOL’s Key Level To Watch

Source: Tradingview

Now that the price is facing down, the $223 level is the closest support to watch for a bounce. A dip below it could roll the price back to $202 and potentially $185.

To resume bullish, Sol must retake the rejected $272 level along with the current $296 high before marking a new one at around $300 and $320.

Key Resistance Levels: $272, $296, $320

Key Support Levels: $223, $202, $185

Spot Price: $244.7 Trend: Bullish Volatility: Low

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Sola (SOL) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.01 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 SOL / 27.153m SOL

week sol looking support gain pullback low

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