SOLANA IS BOOMING - INTO RESISTANCE
2025-01-17
Category: None

The Solana daily chart is demonstrating strong bullish momentum, with the price rallying significantly off key support at $175, a level that also aligned with the 200-day moving average. Notably, I purchased more Solana live on YouTube at this support level on Monday, confident in the confluence of technical factors. The subsequent move upward has been impressive, as Solana now approaches the next resistance at $223.18.

Traders may want to approach this level with caution, as it represents a key area of interest. A breakout and retest of $223.18 as support could provide confirmation for further upside and present an opportunity to enter a long position. Alternatively, for those waiting for a potential pullback, watching for a retest of the 50-day moving average around $209 could offer a favorable entry point.

The chart structure remains constructive, and Solana's ability to hold above these key levels will be critical in determining whether this rally has more room to run. Volume is increasing, adding conviction to the recent price action, but the response at resistance will ultimately set the tone for the next move.