The Slew of Bitcoin is hurting Solana the most

What's in this article

Solana rose more than 20% after briefly hitting our target at $80 on January 24. Still this 20% is not enough to deem Solana ‘Bullish’.

Solana price today is $97.66 USD with a 24-hour trading volume of $2,708,531,291 USD. Solana is up 7.44% in the last 24 hours, with a market cap of $30,745,435,609 USD. It has a circulating supply of 314,832,621 SOL coins. 

Source: Tradingview

Solana: Analysis

Solana is trapped under a bearish parallel channel making lower lows since its ATH of $260 on November 6. This support of $80 is very important for Solana to avoid sinking to the $50 level. Solana has resistance at $133, which still is a local resistance as to start bullish trend Solana needs to escape from this parallel channel by scoring above $170, the peak of January 5.

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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