Solana Bounces as It Slips above the $64 Support

Azeez Mustapha


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Key Highlights
Solana hovers above the $64 support
The altcoin resumes its sideways trend

Solana (SOL) Current Statistics
The current price: $70.14
Market Capitalization: $39,610,616,652
Trading Volume: $2,394,718,570
Major supply zones: $60, $70, $80
Major demand zones: $20, $10, $5

Solana (SOL) Price Long-Term Prediction: Bullish
Solana’s (SOL) price reaches the high of $77 but slips above the $64 support. The crypto asset has dropped above the $65 support level or the 21-day simple moving average. According to all indications, the fall will end at $58.

This means that the bears are likely to breach below the 21-day simple moving average. If the 21-day SMA support is broken, the bearish momentum will be extended to a bottom above the 50-day SMA, or $52 support. Solana will, in essence, go to a low of $58 or $52.

If the 21-day SMA support is not breached, the sideways trend between the 21-day SMA and the $77 resistance will continue. Meanwhile, SOL/USD is hovering above the 21-day simple moving average in anticipation of an additional drop.

Solana Bounces as It Slips above the $64 Support
SOL/USD – Daily Chart

Solana (SOL) Price Indicator Analysis
Following a recent fall, the price bars are now bouncing above the 21-day SMA. The inference is that the altcoin will retest its recent high. The price bars on the 4-hour chart have broken below the moving average lines but are correcting upward.

The moving average lines are slanted upward and are pointing northward.

What Is the Next Move for Solana (SOL)?
The sideways trend in Solana has remained above the 21-day moving average line but slipped above the $64 support. The bears attempted to break through the 21-day SMA support today, but the bulls purchased the dips. The upward corrective phase has ended after hitting a high of $72.

If the crypto asset is further rejected at its recent high, it will plummet.

Solana Bounces as It Slips above the $64 Support
SOL/USD – 4 Hour Chart

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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