Solana (SOL) Price Prediction For January 14
Despite significant price movements over the past 24 hours, Solana (SOL) held on to key support at $175. However, this volatility caused some whales to lose confidence and sell off their holdings, affecting the market today.
Crypto whale dumps $22 million in SOL
On January 13, 2024, blockchain-based transaction tracker Whale Alert posted on X (formerly Twitter) that a crypto whale had dumped 122,620 SOL tokens worth $21.75 million into Kraken Crypto Currency exchange. However, the wallet address remains unknown.
This noteworthy junkyard was sighted in the market Sol It fell below its key support at $175 and approached the $168 level. This initially changed the market sentiment and suggested that SOL had broken below its key support level, signaling bearish price action. However, as market sentiment cooled, SOL bounced back above support and appears to be recovering.
Solana (SOL) Price Action and Key Levels
According to expert technical analysis, the key level for SOL in the coming days is $175. As long as this support level holds, SOL will remain bullish. If this level is maintained, it is likely to surge 22% to $220 in the future.
Currently, the altcoin is back in the consolidation territory it has been in for the past four trading days. For day traders, if SOL closes above the $193 mark, there is a high chance that the price will rise by more than 7% to reach the $207 mark.
However, Solana’s bullish thesis will only hold true if SOL sustains above $175, otherwise, it may fail.
Bullish Signs from Technical Analysis
On the positive side, despite the price decline, SOL remains above the 200 exponential moving average (EMA) on the daily time frame, indicating an uptrend.
Additionally, SOL’s relative strength index (RSI) is approaching oversold territory, suggesting traders and investors are anticipating a potential recovery in price.
Current Price Momentum
Currently, SOL is trading close to $183.3, with the price falling by more than 2.50% in the past 24 hours. However, during the same period, its trading volume surged 240%, indicating increased participation from traders and investors, likely driven by SOL’s current discounted price.
