Solana price analysis: SOL breaks $150 as transactions surge

Solana price analysis shows that the token surged above $150 but wasn't able to maintain that level and fell to nearest support.
Solana price analysis shows that the token surged above $150 but wasn't able to maintain that level and fell to nearest support.

Solana is one of the most composable blockchains that has attracted considerable investment in 2021. For 2022, the token aims the same. In this article, we will have a look at the Solana price analysis for Jan 13, 2022.

As per data from CoinMarketCap, the SOL token opened the daily candle at $151.5 and rose to a daily high of $152.22. The current price of SOL token rests at $148 but needs to break above $155 to confirm a bullish uptrend.

The token’s market cap rose by 5.64% in the last 24-hours as the token regains 5th position in the market. The dominance rate of the SOL token is 2.24% making it an exciting investment for investors.

The Solana price analysis of Jan 11, 2022, successfully predicted the chances of SOL breaking $150, and now, the next crucial point is $155. After the news of the Grayscale Solana Trust, the token has seen increased attention.

Solana price analysis on the daily chart

The daily chart influences our Solana price analysis in an optimistic manner but, there are indicators we still need to focus on. The 50-day and 100-day Moving Averages continue above the price action, a bearish scenario for SOL. 

On the other hand, the token is trying to rise from the lower end of the Bollinger Bands, which is a good sign. However, the prices are still near the lower end, and investors need to watch for a breakout.

Solana price analysis
Source: TradingView

MACD indicator on the daily chart below shows that the MACD line (blue) is about to break above the signal line (orange), which is indeed a bullish divergence. However, the scenario hasn’t happened yet, and we need to remain cautious of sell-offs and investors taking profits.

Solana price analysis
Source: TradingView

Conclusion

The Solana price analysis ends on a bullish note in the last 24-hours but, this doesn’t mean that the pain is over. We still need to watch out for resistance levels and breakouts. However, the blockchain has seen an increase in utility with the highest transaction rates and lowest gas fees.

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