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Solana price is showing bullish signs above the $15 level. As a result, SOL could now extend its recovery above the $18 and $20 resistance levels.
- Solana has started a fresh rise above the $15 and $16 levels.
- The price is now trading above $16 and the 100 simple moving average (4-hour).
- An important uptrend line is forming with support at $15.90 on the 4-hour chart for the SOL/USD pair (Data Source: Kraken).
- The pair can continue higher if it remains above $15 and $12.80 support.
Solana: The course aims for further growth
This week Solana price has formed a base and started a steady rise above the $14 level. Similar to Bitcoin and Ethereum, there was a sharp rise in Solana’s case above the $15 resistance zone.
The bulls even managed to pump the price above the $16.50 resistance. SOL then hit a new yearly high of $17.47, now the coin is consolidating gains. There was a minor correction below the 23.6% Fib retracement level on the upswing from the $12.70 swing low to the $17.47 high.
Sol price is now trading above $16 and the 100 simple moving average (4-hour). An important uptrend line is also forming with support at $15.90 on the 4-hour chart for the SOL/USD pair.
On the upside, there is immediate resistance at $17.50, then the next major resistance is at $18. The main resistance lies in the $18.80 area – above that, the price could rise towards the $20 level. If SOL shows strength here, further gains towards the $25 level may await.
When will the correction follow?
Solana now needs to clear the resistance at $18 first. If the smart contract platform fails, a downward correction may begin. Initial support on the downside then comes at $16.35.
The first key support is at $15 and the trend line – near the 50% Fib retracement level of the upswing from $12.70 low to $17.47 high. The next key support comes as close as $14.10. If the $14.10 support is broken, the price should test the next key support at $12.80.
- MACD on 4-hour chart: MACD for SOL/USD is increasingly moving into bullish territory.
- RSI (Relative Strength Index) on 4-hour chart: RSI for SOL/USD is above the 50 level.
- Important support levels: $16.30, $15 and $14.10.
- Key resistance levels: $17.40, $18 and $20.
Bullish for Investors: Fight Out Coin (FGHT) Locks 50% of Supply
While the Solana bull run is delighting SOL investors, fitness coin Fight Out (FGHT) also has good news for investors: As the Move 2 Earn project announced on Twitter, FGHT will own 50% of the total supply locked in the next five years! This means: half of all Fight Out Coins cannot be sold – a fact that speaks for the developers’ vision and can promote price stability. The team adds:
“This underscores our commitment to developing a long-term project that will ensure stability and value for our token holders and position us for growth and success in the future.”
1/ This highlights our commitment to developing a long-term project, ensuring stability and value for our token holders and positioning us for growth and success in the future.
You can view our token lock contract here. ⬇️ https://t.co/4M0V7P64hj!
— Fight Out (@FightOut_) 12 January 2023
Crypto influencer Jacob Bury is convinced of the concept and implementation, expects a strong performance of the associated FGHT token – a 10x is possible, according to the analyst:
Text credit: Newsbtc
Last updated on January 13, 2023
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