Will Solana reach $ 1,000 soon? The market march enhances the price, but $ 160 is still a major obstacle – Tradingview News
Solana Cryptocurrency Solana (SOL) is approaching an embarrassing level with resistance at $ 160 and price support at $ 120 on this daily scheme, according to Coinmarketcap. Data on the series also indicate that merchants gather at these levels, which affects the volatility.
While some investors expect outbringing, the slowdown of trading raises concerns about a possible decline. Will Solana maintain her momentum, or is an imminent correction? Solana ranked No. 6 ranked 6 with a 73 billion dollar market formation, increased by 7 % and 12 % in the daily and weekly chart, respectively, according to Coinmarketcap.
Support comes amid momentum in the positive market in general. Bitcoin and Ethereum rose by 2 % and 3 %, respectively, last day. In general, the encryption market gained 2 % to $ 2.85 trillion last day.
Solana Daily PRICE price scheme, source: coinmarketcap
Buyers defend support at $ 120, but the risks remain
Solana faced a huge barrier at $ 146, with about 27 million Sols, according to Glassnode data. Many investors bought or near this level and may sell even a fracture, which enhances the resistance.
Large resistance appears at $ 135 ($ 26.6 million $ Sol) Especially at $ 144, with 27 million dollars $ Sol – Almost 5 % of the offer – concentrated. On January 19, this level was already held 20.6 million #SolThis means that many investors may look forward to going out at a tie, which creates the pressure pressure.
In addition, another resistance set at $ 144 on the daily chart. These two regions represent a big obstacle for a constant gathering unless Solana sees an increase in the purchase of momentum. Technically, if the price fails in the additional upward trend, Solana risks a decrease of between 75 and 115 dollars. A break less than $ 100 may accelerate the sale, as liquidity remains in low low price ranges.
Another factor that adds uncertainty to Solana’s work is low speed, which has reached its lowest level in five months. The speed measures how to change the hands, and the decrease indicates a decline in the investor’s participation.
Solusd Plan, Source: Tradingview
Market reaction and broader expectations
Solana increased from a decrease in about $ 130, with trading volume increased by 143 % to $ 3.5 billion. However, Solana must first overcome the immediate resistance before it achieves a more important march. As of now, the range remains between $ 144 and $ 120.
The next step for Solana depends on whether it can exceed $ 144 or enjoy more than $ 120. In the event of a momentum, a higher batch of resistance can indicate the beginning of the new upper trend. On the contrary, a lower rest of the main support levels may lead to more negative side. Whether Solana will soon reach $ 1,000 dependent on the volume of trading and market morale.
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