Market Analysis of Solana: 06th January 2022

Solana is the fastest blockchain in the world and the fastest growing ecosystem in crypto, with over 400 projects spanning DeFi, NFTs, Web3 and more.

Analysis

Here’s the market structure of the coin for 6th January, 2022.

Solana is currently trading at $149.50 levels, down by 3.24%. Solana started off the day $156.16 levels. The coin was seen making low highs and low lows in the later today. The coin’s intraday high stands at $156.18 levels. It tested the first resistance at $154.76 levels and has taken a dip, since has been consolidating.

Looking at the daily chart, the coin fell to an intraday low of $146.03 levels. The early intraday low was seen at $149.72 levels. On the daily chart, Solana, left the first major support at $150.08 levels untested. Testing the second major support, the coin rose up against the major resistance level of $149.86 later today.

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On a daily chart the strong buy region extends between $146.72 and $148.72 levels. Contrarily, the strong sell region was between $149.25 and $151.16 levels.

On an hourly chart the coin is seen consolidating in a bearish flag pattern and is likely to break on the downside. Looking at the current momentum Solana is likely to make a bearish reverse. However, coming back to $155 price levels would need support from broader market.

Market Indicators:

Hourly RSI: The hourly RSI is moving below 55 levels, showing minor price strength, owing to investors faith in the price.

Major support level: $146.90

Major resistance level: $153.43

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Conclusion:

On the upside prices may move towards $153 levels. The first major resistance sits at $152.38 levels. In event of an extended rally upwards, the second major resistance sits at $154.16 levels. Barring an extended crypto rally, the first major resistance is likely to cap the upside. On the downside a fall below $146 levels, will bring the first major support level $144.95 level in play.

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