Solana: The descend continues to the next support

What's in this article

Solana entered a bearish trend after it broke below the important support level of $140 on January 17. As a retest, it rose back to the previous support but couldn’t break above.

Solana price today is $140.37 USD with a 24-hour trading volume of $743,569,864 USD. Solana is up 2.56% in the last 24 hours, with a market cap of $44,142,768,105 USD. It has a circulating supply of 314,469,397 SOL coins.   

Source: Tradingview

Solana: Analysis

Solana is currently resting over $135, fib 0.786 support which won’t be able to grip the price as there’s a significant resistance of EMA 50 above the current level on an hourly chart. Solana is likely to continue its descent to the target we mentioned in our last analysis at $122. If there’s some bullish reaction from Bitcoin, however, Solana can claim again the $140 support.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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