Solana Bounces as It Challenges the Resistance at $24.50

Key Highlights
Solana is stuck at $24.50
Solana resumes bullish trend

Solana (SOL) Current Statistics
The current price: $23.63
Market Capitalization: $13,214,870,583
Trading Volume: $429,218,760
Major supply zones: $60, $70,$80
Major demand zones: $20, $10, $5

Solana (Sol) Price Long-Term Prediction: Bullish
Solana’s (SOL) price has started moving upward again as it challenges the resistance at $24.50. The crypto’s price has a series of higher highs and higher lows. The cryptocurrency’s price has been frozen at its all-time high since October 1.

It is currently bouncing below the recent high’s resistance. On the upside, Solana will increase to level 1.618 of the Fibonacci extension, or $28.28, if the resistance is broken. On the other hand, if buyers are unable to advance past the previous high, the altcoin will resume its sideways movement.

The crypto will oscillate between $20.50 and $24.50 while waiting for the upswing to resume. As of the time of writing, Solana is trading for $23.58.

Solana (SOL) Price Indicator Analysis
The price bars have been above the moving average lines since September 30, signaling that the cryptocurrency may rise further. The 21-day SMA crosses above the 50-day SMA, signaling a return of the cryptocurrency’s bullish trend.

The increasing slope of the moving average lines now indicates an uptrend.

What Is the Next Move for Solana (SOL)?
The price of Solana is growing while it is in the bullish trend zone as it challenges the resistance at $24.50. The altcoin has been bouncing below the $24.50 resistance since October 2. The market has overbought near the most recent high.

If buyers are unable to surpass the current high, the altcoin runs the risk of falling below the moving average.

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