Market
SOL Price Retreats 14.5% While Whales Hit New Peak
Solana (SOL) price has experienced significant volatility in recent days as it faces key technical challenges. After reaching a new all-time high on January 19, SOL has pulled back 14.5%, though it maintains a 16.7% gain over the past seven days.
Technical indicators suggest the strong uptrend is losing momentum, with key support and resistance levels likely to determine the next major price move. The growing number of whale addresses holding large SOL positions indicates strong institutional interest, despite the recent price correction.
SOL Whales Are Reaching All-Time Levels
Solana whales have reached historic levels, with addresses holding 10,000+ SOL peaking at 5,137 three days ago before slightly declining to 5,128.
Tracking these large holders is crucial for market analysis since whales can significantly impact price movements through their trading decisions and often represent institutional players whose actions can signal broader market sentiment and potential price trends.
The current elevated whale count, which jumped from 5,054 on January 17 to 5,128 in just six days, suggests strong institutional confidence in SOL despite the minor recent decline.
This rapid accumulation by large holders could indicate positive price momentum for Solana. However, investors should remain aware that concentrated holdings also carry the risk of increased volatility if whales make coordinated moves.
Solana DMI Shows the Trend Is Losing Its Steam
Since SOL price recent all-time high, the average directional index (ADX) for Solana has declined sharply from 66.2 to 27.2 over the past four days.
ADX measures trend strength regardless of direction, with readings above 25 indicating a strong trend and below 20 suggesting a weak trend. The current 27.2 reading shows the trend is still strong but significantly weakening from its recent extremely strong levels.
The decline in +DI (Positive Directional Indicator) from 26.2 to 22.2 alongside an increase in -DI (Negative Directional Indicator) from 12.5 to 17.4 suggests momentum is shifting. While SOL remains in an uptrend, these DMI components indicate selling pressure is increasing while buying pressure is decreasing.
This technical setup often precedes a period of consolidation or potential trend reversal, though the current ADX reading above 25 indicates the uptrend still has some strength remaining.
SOL Price Prediction: Will Solana Reach $300 In January?
The narrowing distance between SOL’s EMA lines, while maintaining their bullish alignment (short-term above long-term), typically signals decreasing momentum in the uptrend.
This pattern often suggests a potential period of consolidation or price correction, though the maintained bullish structure indicates that the overall uptrend has yet to break.
The technical analysis reveals critical support and resistance levels that could determine SOL’s near-term direction. A break below $223 could trigger a cascade to $211, with further downside potential to $191.85 if these supports fail.
Conversely, reclaiming bullish momentum could drive Solana price toward $295, with a potential breakthrough above $300 marking a historic milestone.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Dogecoin (DOGE) Lags Behind: Struggles to Reignite Bullish Momentum
Dogecoin started a downside correction from the $0.400 zone against the US Dollar. DOGE is now consolidating and might attempt a fresh increase if it stays above $0.3350.
- DOGE price started a fresh decline below $0.3880 and $0.3650.
- The price is trading below the $0.3550 level and the 100-hourly simple moving average.
- There is a major bearish trend line forming with resistance at $0.3520 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could start another increase if it clears the $0.3520 and $0.3550 resistance levels.
Dogecoin Price Dips To Support
Dogecoin price started a fresh decline from the $0.400 resistance zone, unlike Bitcoin and Ethereum. DOGE dipped below the $0.3800 and $0.3650 support levels. It even spiked below $0.350.
A low was formed at $0.3416 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $0.4014 swing high to the $0.3416 low. There is also a major bearish trend line forming with resistance at $0.3520 on the hourly chart of the DOGE/USD pair.
Dogecoin price is now trading below the $0.3550 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.3520 level and the trend line.
The first major resistance for the bulls could be near the $0.3550 level. The next major resistance is near the $0.3720 level or the 50% Fib retracement level of the downward move from the $0.4014 swing high to the $0.3416 low.
A close above the $0.3720 resistance might send the price toward the $0.3860 resistance. Any more gains might send the price toward the $0.40 level. The next major stop for the bulls might be $0.420.
Another Decline In DOGE?
If DOGE’s price fails to climb above the $0.3550 level, it could start another decline. Initial support on the downside is near the $0.3420 level. The next major support is near the $0.3380 level.
The main support sits at $0.3250. If there is a downside break below the $0.3250 support, the price could decline further. In the stated case, the price might decline toward the $0.3020 level or even $0.300 in the near term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Major Support Levels – $0.3400 and $0.3380.
Major Resistance Levels – $0.3550 and $0.3720.
Market
XRP Price Dips Back to Support: Consolidation or Breakdown Ahead?
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Market
Consolidation or Calm Before the Next Move?
Bitcoin price settled above the $100,500 resistance zone. BTC is consolidating gains and might aim for a fresh increase above the $105,000 zone.
- Bitcoin started a downside correction from the $106,800 zone.
- The price is trading below $104,000 and the 100 hourly Simple moving average.
- There is a connecting bullish trend line forming with support at $102,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it stays above the $102,000 support zone.
Bitcoin Price Eyes Fresh Increase
Bitcoin price started a decent upward move above the $104,500 zone. BTC was able to climb above the $105,500 and $106,000 levels.
The bulls even pushed the price above the $106,500 level. However, the bears were active near the $106,800 zone. A high was formed at $106,833 and the price is now correcting gains. There was a move below the $105,000 level.
There was a move below the 50% Fib retracement level of the upward move from the $101,281 swing low to the $106,833 high. Bitcoin price is now trading below $104,000 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $102,000 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is near the $104,000 level. The first key resistance is near the $105,500 level. A clear move above the $105,500 resistance might send the price higher. The next key resistance could be $106,800.
A close above the $106,800 resistance might send the price further higher. In the stated case, the price could rise and test the $108,200 resistance level and a new all-time high. Any more gains might send the price toward the $110,000 level.
More Losses In BTC?
If Bitcoin fails to rise above the $104,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $102,500 level or the 76.4% Fib retracement level of the upward move from the $101,281 swing low to the $106,833 high. The first major support is near the $101,250 level.
The next support is now near the $100,500 zone. Any more losses might send the price toward the $88,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $102,500, followed by $101,250.
Major Resistance Levels – $104,500 and $105,500.
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