Cryptocurrency Analysis: Solana’s Recent Trends
According to analysts at Coinidol.com, the price of Solana (SOL) recently hit a low of $20.96, indicating the end of its decline.
Solana Long-Term Price Forecast: Bearish Outlook
The cryptocurrency fell below the 21-day simple moving average but remained above the 50-day simple moving average. On October 13, buyers managed to keep the price above the 21-day line SMA, hinting at a possible upward trend. If this momentum continues, Solana is expected to reach a high of $28. However, it might encounter resistance around the $26 mark. In case the price falls below the 21-day line SMA, the cryptocurrency could enter a range-bound phase. As of the latest update, Solana’s price reached $22.06.
Solana Price Indicator Analysis
The price of Solana tends to rise when price bars cross over the moving average lines, indicating potential upward movement until it meets resistance or becomes overbought. Conversely, a bearish scenario emerges when price bars fall below the 21-day line SMA. Currently, the moving average lines are on an upward trajectory.
Technical Indicators
Key Supply Zones: $20, $25, $30
Key Demand Zones: $10, $5, $1
What’s Next for Solana?
The price of Solana has resumed its positive trend after breaking above the 21-day line SMA. However, it faces resistance at $22.20 in the lower time frame and is currently trapped between the moving average lines. While a further upward movement seems less likely at this point, trading sideways could be the outcome if the coin fails to surpass the resistance line.
As previously reported on October 9, Solana has been moving in the right direction since September 28, but the uptrend concluded after reaching a peak of $24.50 on October 1.
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