SOL Price Update: Solana (SOL) Price AT Weekly Support Around $96.0; Are You Buying The Dip?

Solana (SOL) price trades with gains on Saturday after a series of range-bound sessions. Still, the pair is not out of the wood yet. Investors must cross the threshold of January 22 highs around $114.21. The pair is under the formation of lower highs and lower lows since December 4.

In the past seven days, SOL has depreciated almost 30% and sellers continue to dominate the price action. At the time of writing, SOL/USD is trading at $96.23, up 5.36% for the day. The current market cap ranked no. 7 at $30B as per the CoinmarketCap.

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Technically speaking, Solana’s (SOL) price has taken a breather after rout of selling near the weekly support. Some upside momentum is expected from this level as indicated by other technical indicators.

Source: Trading view

The daily relative strength index (RSI) reads at 28 and is on the brink of a bullish crossover. Buyers could attempt the recovery from the recent lows of $90.00 with an appetite for 33% returns.

Bulls needs to test the horizontal resistance level of $ 141.76 then only it can be a trend reversal condition for the SOL.

Source: Trading view

Alternatively, if the price breaches the weekly lows of $80.67 then the market participant could meet the next horizontal support zone at $62. The levels are last seen in August.

The post SOL Price Update: Solana (SOL) Price AT Weekly Support Around $96.0; Are You Buying The Dip? appeared first on CoinGape.

Source: Coingape.com
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