According to CoinMarketCap data, the price of the cryptocurrency Solana (SOL) has risen by more than 14% in the last 24 hours. In a New Year’s price pump, the crypto asset reclaimed $11 following several days of trading below double digits. SOL was trading at $11.77 at the time of this writing. The increase comes after Ethereum founder Vitalik Buterin tweeted in the past week that “smart people” told him there is an “earnest smart developer community in Solana” and that the chain has a “bright future.” Buterin also expressed his desire that the Solana community “gets a fair chance to thrive.” However, Solana’s New Year’s pump hasn’t stopped the battering the would-be “Ethereum killer” has taken in recent months. The SOL token is down nearly 20% since the previous month and has shed over 95% of its value since reaching a peak of nearly $260 in November 2021. Solana ranks as the 16th largest cryptocurrency with a market cap of $4.18 billion.
Key Levels
Resistance Levels: $26.00, $20.00, $12.00
Support Levels: $8.00, $6.00, $4.00
SOL/USD Daily ChartSOL rises today following a 24-hour bounce at $9.81 and a three-day positive streak. On the daily timeframe, the fall to lows of $7.96 on Dec 29 paved the way for a positive structure. The RSI is rising towards a neutral level of 50. If the bulls maintain control, the price is poised to breach the $12.10 barrier before reaching the MA 50 at $13.88.
After clearing this significant barrier, the SOL/USD pair may target the $20.00 level before advancing to the $26.00 level and the $38.78 all-time high set in November. Otherwise, a drop below the $9.81 low might push the bears toward the $5.0 critical level, where the bulls might re-attempt its upward trend.
SOL/USD 4-Hour ChartSOL’s price movement has so far rallied off lows of $7.96 and past the moving average (MA 50) at $10.40, but investors will need more before committing again. Buyers face early resistance from the $12.10 handle, which coincides with the MA 200, after breaking through the $11.50 handle. If this significant boundary is crossed, the SOL/USD pair may aim for the $20.00 level before resuming its descent toward the $8.00 level.
If buyers win more ground, the bulls may revisit the $35.50 resistance zone. If sellers re-emerge and drive the price down, the MA 50 around $15.00 could provide early limits ahead of the $8.00 low. To summarize, SOL/USD looks to be neutrally biased between $8.00 and $12.00.
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