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Solana (SOL) Price Prediction for April 23

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Tue, 23/04/2024 - 15:44
Solana (SOL) Price Prediction for April 23
Cover image via www.tradingview.com

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Bulls are trying to hold the gained initiative, according to CoinStats.

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SOL chart by CoinStats

SOL/USD

The price of Solana (SOL) has risen by 2.08% since yesterday.

Image by TradingView

On the hourly chart, the rate of SOL is on its way to testing the local resistance level of $159.33. If the bar closes near it, the accumulated energy might be enough for a breakout, followed by a move to the $160 zone and above.

Image by TradingView

On the bigger time frame, traders should focus on the daily bar closure in terms of the $156 level. If it happens above it and with no long wick, the upward move is likely to continue to the $160-$165 area. 

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Such a scenario is relevant until the end of the week.

Image by TradingView

From the midterm point of view, it is too early to make any far predictions as only a few days remain until the candle closes. However, if it happens above the previous bar peak ($156), buyers may seize the initiative, which can lead to a test of the $170 range.

SOL is trading at  $157.24 at press time.

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