|

Solana price uptrend holding steady as bulls rally 60% on the month

  • Solana price has risen by 60% since January 1.
  • Bulls’ next target may lie 30% ahead at $20.
  • A daily candlestick close beneath $16.25 could invalidate the bullish trend.

Solana price has pulled off a surprising rally this week, outperforming nearly all other cryptocurrencies in the space. As the price consolidates, investors are cued in, wondering how high the centralized smart contract token will rise.

Solana price outperforms the rest

Solana price is currently trading at $16.14, an impressive 60% increase in market value since the start of the new year. On January 10, during a 20% upswing into the new yearly high at $17.50, the volume indicator, which extracts data from Binance exchange API, increased by 175%. By the end of the daily auction, SOL produced $20 million worth of transactions, $14 million more than the day prior. 

Solana price now consolidates at the upper bounds of the newly established rally with a volume back around the average $6 million worth of transactions on the day. The indicator is a bullish gesture since transactions have not yet increased to the downside. Considering these factors, the next bullish target is likely to be the psychological $20 level, resulting in a 30% rise from the current Solana price.

tm.sol/1/10/22

SOL/USDT 1-day chart

The bears will need to show more signs of a reversal before calling the uptrend over. A daily candlestick close beneath January 10 opening price at $16.25 could weigh too heavily on the bullish momentum and spark a cascade of selling. Ultimately, the next level of support to be tested would be the recently breached $12 resistance, which would result in a 27% decline from Solana's current market value.

Author

Tony M.

Tony M.

FXStreet Contributor

Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.

More from Tony M.
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

BNB Price Forecast: BNB slips below $855 as bearish on-chain signals and momentum indicators turn negative

BNB, formerly known as Binance Coin, continues to trade down around $855 at the time of writing on Tuesday, after a slight decline the previous day. Bearish sentiment further strengthens as BNB’s on-chain and derivatives data show rising retail activity.

Top Crypto Losers: Aster, Midnight, and Ethena extend losses as selling pressure mounts

Aster, Midnight, and Ethena are the altcoins with the most losses over the last 24 hours, as the broader cryptocurrency market weakens amid Bitcoin dropping below $86,000. ASTER, NIGHT, and ENA risk further losses as selling pressure mounts and risk-off sentiment spreads across the crypto market.

Ethereum Price Forecast: BitMine acquires 102,259 ETH as price plunges 5%

Ethereum (ETH) treasury company BitMine Immersion scaled up its digital asset stash last week after acquiring 102,259 ETH since its last update. The purchase has increased the company's holdings to 3.96 million ETH, worth about $11.82 billion at the time of publication.

Strategy scoops about $1 billion in Bitcoin for second consecutive week

Bitcoin (BTC) treasury and financial intelligence firm Strategy expanded its holdings following another round of weekly accumulation.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.