Solana (SOL) Review and Price Analysis 31.01.2024

With the approaching date of the Jupiter Airdrop, there is a possibility of seeing some activity on the Solana network, and I believe this could have a positive impact on the price of $SOL

Technically, it experienced a 33% rise from the support level of $79-$77, but faced resistance again at $106. I anticipate it will attempt to break this resistance level again after taking liquidity from a lower support level. I’m monitoring the first interim support level in the range of $90.4-$88.7. If the price reaches this range and I see confirmation of support on the lower time frame, I’m considering taking a long position. If it manages to break $106, it will likely aim to test $117.

Given my belief that there’s a higher probability of a market downturn, I’ll be making smaller attempts.

The analyses shared here are not investment advice; however, they are considered as potential short to medium-term trading opportunities in the market, indicating support and resistance levels. The responsibility for trading decisions and risk management lies with the user. It is strongly recommended to use stop-loss orders in the trades shared.

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