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Solana (SOL) Price Analysis for February 6

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Mon, 6/02/2023 - 17:00
Solana (SOL) Price Analysis for February 6
Cover image via www.tradingview.com

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

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Top coins by CoinMarketCap

SOL/USD

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.

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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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