Solana (SOL) Price Analysis for January 23 – Crypto News – Crypto News
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Solana (SOL) Price Analysis for January 23 Solana (SOL) Price Analysis for January 23

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Solana (SOL) Price Analysis for January 23 – Crypto News

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Cover image via www.tradingview.com

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Bulls are not yet able to seize the initiative, according to CoinStats.

SOL chart by CoinStats

SOL/USD

Solana (SOL) is one of the biggest losers today, going down by more than 10%.

Image by TradingView

Despite today’s sharp drop, the price of SOL might have found a local support level of $79. However, one should pay attention to the bar’s closure. 

Only if it happens far from that mark, buyers may locally seize the initiative, which could lead to a test of the $83-$84 area.

Image by TradingView

On the daily time frame, the rate of SOL is approaching the mirror level of $77.78. However, if the bar closes with no long wick, one should expect a breakout, followed by a move to the $70-$75 range. Such a scenario is relevant until the end of the week.

Image by TradingView

On the daily chart against BTC, SOL is on its way to testing the support of 0.001970. If its false breakout happens, there is a possibility to see a bounce back to the 0.00021 zone.

SOL is trading at $79.95 at press time.

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