Solana’s Current Price Trend
The price of Solana (SOL) is currently in a bearish trend zone but is showing signs of correction upwards.
Solana Long-Term Price Forecast: Bearish
The cryptocurrency recently retested the high of $19 on September 15th, but buyers have struggled to maintain the price above this recent high. If the $19 resistance level is breached, Solana is expected to rise above the moving average lines, continuing its positive trend towards the $22 mark. As of now, the altcoin is in a declining phase and is currently trading at $19.12. Over the last five days, the cryptocurrency has been hovering below the resistance level, and if selling pressure increases, Solana may drop below its previous low of $17.
Solana Price Indicator Analysis
Solana is still undergoing an upward correction and is approaching the Relative Strength Index (RSI) level of 44. The altcoin’s future movement depends on its position relative to the moving average lines. If the price remains below the moving average lines, Solana is likely to experience a decline. However, if the price bars move above the moving average lines, the altcoin will attempt to rise further, potentially surpassing an RSI value of 60 on the daily stochastic.
Technical Indicators
- Key Supply Zones: $20, $25, $30
- Key Demand Zones: $10, $5, $1
What’s Next for Solana?
Solana is currently in an uptrend, although its momentum has slowed at the $19 resistance level. There is a likelihood that the altcoin will experience further upward movement if it successfully breaches this initial resistance level. However, it’s worth noting that an altcoin is considered overbought when it surpasses its previous high.
Last week, Coinidol.com reported that if selling pressure persists, the market may retrace and revisit previous lows at $15.61 and $13.02. In the meantime, Solana has completed an upside correction following the plunge on August 6th, and a retreating candlestick has tested the 61.8% Fibonacci retracement level.
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