The cryptocurrency market seems to have entered a recovery period in the last 24 hours. Bitcoin (BTC) price gained 1% and Ethereum 2.50%. The rise rate for Solana (SOL) is around 1% at the time of this writing.
However, the transaction volume of Solana decreased by 32.34% due to the weekend in the last 24 hours and was found at the level of 1.57 billion dollars in total. In the ranking of the world’s largest cryptocurrencies by market value, SOL ranks 5th with a value of 45 billion dollars.
Analyst: “Solan Finds Support at $143 and Reacts Upward”
According to Lapin, one of the famous crypto analysts, Solana price found support at $143, which is very positive for the upcoming price movements.
The analyst, who found this uptake positive, also shared his predictions for the SOL price in the coming days.
Is SOL Price Preparing to Make an Upward Move?
Analyzing the 4-hour chart, we see that the $157 level is a barrier against climbing, which is why the SOL price is making a pullback from here.
However, SOL price had gained some strong bullish momentum throughout this week. Testing the $130 level on January 10, the altcoin quickly rose to its former level after that. With the peak of $ 157.5 on Wednesday, the analyst believes that an upward movement can be experienced as a result of the market structure starting to look in favor of the bull.
Therefore, the decline to $143 may have formed the base zone before the next rise. Today, however, Solana moved slightly lower before a possible attack to the previous short-term high of $157.5.
SOL Price Analysis: Conclusion
Lapin thinks today’s SOL analysis is bullish, with an upside reaction from the $143 level and testing of the short-term resistance at $150.
Therefore, SOL price may test the resistance areas ahead of it in the coming days.
In this context, it is extremely important that the $143 level is not lost and that Bitcoin movements remain stable. If the scenario is like this and a bullish wave comes again, a break of the $157 level is considered more positive this time. With the break of this resistance, the next target will be the $168 level.
*Not investment advice.