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BTC, SOL and ADA Price Analysis for January 7

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Sat, 7/01/2023 - 15:20
BTC, SOL and ADA Price Analysis for January 7
Cover image via www.tradingview.com

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The weekend has started with the rise of the majority of the coins.

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Top 10 coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has risen by 1.14% over the last 24 hours.

BTC/USD chart by TradingView

On the daily chart, the price of Bitcoin (BTC) is approaching the important interim resistance level at around $17,000.

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If the daily closure happens near it, the breakout may lead to a midterm rise to the $17,400-$17,600 zone as enough strength has been accumulated for that.

Bitcoin is trading at $16,922 at press time.

SOL/USD

The rate of Solana (SOL) is going up faster than Bitcoin's (BTC), rising by 2.60%.

SOL/USD chart by Trading View

Despite today's rise, the price of Solana (SOL) does not seem ready for further growth. This statement is also confirmed by declining volume, which means that buyers are not willing to buy at the current prices. In this case, the more likely scenario is a correction to the $12.50 zone next week.

SOL is trading at $13.25 at press time.

ADA/USD

Cardano (ADA) is not an exception, growing by 1.82%.

ADA/USD chart by TradingView

Cardano (ADA) is looking similar to SOL, however, its price remains in the bullish zone while the rate is above the support at $0.2708. If buyers can hold this mark, there is a chance to see a false breakout followed by a fast bounce back.

ADA is trading at $0.2727 at press time.

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