Solana’s (SOL) price looks exhausted near the higher levels on Saturday. Buyers remained invested in the coin near $88.0 as accumulation builds up near the demand zone. The undeterred bullish sentiment pushed the price near $115.0.
- Solana (SOL) price stalled after testing two-week highs.
- Expect further upside if SOL breached $120 in short term.
- Price still trades below the 200 DMA at $145.0
SOL price remains pressured near two-week highs
On the daily chart, the formation of “Doji “ candlesticks on Thursday after the bulls rejection near the higher levels suggests investors are not willing to give up on the coin easily. In a responsive action, the price once again tested the same level. This is a crucial level to trade and to continue upside momentum an acceptance above $120 is a must for the traders.
The momentum oscillator Daily Relative Strength Index (RSI) holds near 47 that indicating SOL is still not out of the woods.
SOL price has lost almost 60% since November and tested the lows at $80.00 last seen in August. Further by looking at the current price action, it can be said that in February SOL could take out the inflection point at $141.19. This would be a 16% upside in SOL price from the current levels.
Next, the market participants could gather the momentum to take out the $175 horizontal resistance zone.
Solana has launched a new payment platform Solana Pay that marks the entrant of SOL into Defi space. Further, as per the experts, Solana Pay will take the market by storm. It is highly anticipated that the being the fastest blockchain Solana Pay will process more transactions in seconds.
Alternatively, if the SOL price ended below the week’s high then it could invalidate all the bullish arguments. Further failure to hold the old support zone near $80.0 would initiate a fresh round of selling in the coin.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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