Cryptocurrency Price Analysis: Solana (SOL)
As of the latest update from Coinidol.com, Solana (SOL) is currently trading sideways below the $20.50 level.
Solana Long-term Price Forecast: Bearish
Since September 5, Solana has encountered significant resistance at the $20.50 level, preventing any upward movement. On September 21, the cryptocurrency faced resistance again when it exceeded the $19 support level. Currently, Solana is caught between the moving average lines, with the $19 support holding strong. The future price direction of the cryptocurrency hinges on the breach of these moving average lines. Currently, the market is in an oversold zone, and it’s anticipated that buyers will step in to drive the price higher. If buyers can sustain the price above the 50-day moving average line, Solana is expected to resume its uptrend.
Solana Price Indicator Analysis
Solana’s Relative Strength Index (RSI) has dipped to 47, indicating a downtrend. Trading between the moving average lines, the cryptocurrency is confined to a trading range as long as it remains in the bearish trend zone. Furthermore, Solana is currently in the oversold zone, with the daily stochastic value below 20.
Technical Indicators
- Key Supply Zones: $20, $25, $30
- Key Demand Zones: $10, $5, $1
What’s Next for Solana?
Solana finds itself sandwiched between the moving average lines and is currently trading above the $19 support. However, there is a risk of a downward move if the bears manage to break the $19 support or the 21-day moving average (MA). At present, the price remains constrained as it oscillates between the moving average lines.
Notably, as reported on September 20, Solana’s price has retested the $19 high, a level not seen since September 15. Unfortunately, buyers have been unable to sustain the price above this recent high.
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