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Solana (SOL) Price Analysis for February 6

Mon, 02/06/2023 - 17:00
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Denys Serhiichuk
Is Solana (SOL) still bullish against bears' pressure?
Solana (SOL) Price Analysis for February 6
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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The correction continues on the cryptocurrency market, according to the CoinMarketCap ranking.

Top coins by CoinMarketCap


Solana (SOL) is not an exception to the rule, going down by 1.43%.

SOL/USD chart by TradingView

Solana (SOL) is trading in the middle of a narrow channel, between the support at $23.07 and the resistance at $23.40 on the hourly chart. If buyers want to seize the initiative, they need to break the mentioned level and fix above it. If they can do that, the growth may lead to the test of the $23.50 zone shortly.

SOL/USD chart by TradingView

On the daily time frame, the price has made a false breakout of yesterday's low at $23.02. If buyers can hold the initiative, the price of Solana (SOL) may enter the consolidation phase of $23.5-$24 so it can gain more energy for a further upward move.

SOL/BTC chart by TradingView

A similar situation can be seen on the daily chart against Bitcoin (BTC). At the moment, one should pay attention to the 0.001020 mark. If the bar can fix above it, the local drop might stop.

Cardano (ADA) Price Analysis for February 5

However, if that does not happen, the breakout of the support may be a prerequisite of the downward move to the 0.0009779 mark.

SOL is trading at $23.25 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at