Is SOL About to Explode Above $100? Three Things to Watch This Week (Solana Price Analysis)

Solana appears to be towards the end of its consolidation and may attempt to break into $100 again.

Key Support levels: $78

Key Resistance levels: $104

1. Bulls About to Return

Solana was on the verge of charting another lower low, but buyers returned to stop that from happening. As a result, SOL made a higher low, and the price action shows signs it may want to test the resistance at $104.

SOLUSDT_2024-01-16_15-54-42 — Chart by TradingView

2. Preparation for a Breakout

If the price gets back above $100, then the key resistance will struggle to stop bulls, and Solana may enter a renewed uptrend. This most recent correction appears to be ending, which would support such a move.

SOLUSDT_2024-01-16_15-54-58 — Chart by TradingView

3. MACD Turning Bullish

The 12h MACD is hours away from a bullish cross. If confirmed, then buyers have the upper hand, and SOL will likely return to a three-digit valuation. Watch closely the price action for that signal.

SOLUSDT_2024-01-16_15-55-20 — Chart by TradingView

Bias

The bias for SOL is neutral.

Short-Term Prediction for SOL Price

The bias will change to bullish if the key resistance at $104 breaks. Until then, pressure may be building up under this key level, which could lead to increased volatility this week.

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