Solana Breaks and Holds above $36 Support as It Targets the $59 High

Updated:

Solana (SOL) Current Statistics
The current price: $45.06
Market Capitalization: $23,067,261,898
Trading Volume: $23,067,261,898
Major supply zones: $100, $120, $140
Major Demand zones:$60,$40,$20

Solana (SOL) Price Analysis July 19, 2022
Solana’s (SOL) price is in an upward correction as it targets the $59 high. The altcoin rallied to the high of $45.16. It is retesting the resistance level of June 6. On the upside, if the bulls break the resistance level, the altcoin will further rise to the previous highs of $48.39 and $59.27. In the meantime, the altcoin is trading in the overbought region of the market. The cryptocurrency will decline above the moving average line if it faces rejection at the recent high. This will propel it to resume a fresh uptrend. However, the downtrend will resume if the price breaks below the moving average lines.

Solana Breaks and Holds above $36 Support as It Targets the $59 High
SOL/USD – Daily Chart

Solana (SOL) Technical Indicators Reading
Solana is at level 64 of the Relative Strength Index for period 14. It indicates that the altcoin is in the bullish trend zone and may further rise. The crypto’s price is above the 21-day line SMA and the 50-day line SMA indicating a possible rise of the cryptocurrency. Solana is below the 80% range of the daily stochastic. The market is fluctuating below and above the 80% range of the daily stochastic.

Conclusion
Solana’s price is in an uptrend as it targets the $59 high. The current uptrend has been stalled at the overbought region of the market. Further upward movement of the coin is unlikely.

Solana Breaks and Holds above $36 Support as It Targets the $59 High
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.