Solana Circles Above $20 Support as It Risks Declining to $19.40

Key Highlights
Solana hovers above the $20 support
SOL/USD reaches an oversold region

Solana ( SOL) Current Statistics
The current price: $20.68
Market Capitalization: $11,155,450,647
Trading Volume: $539,784,438
Major supply zones: $60, $80,$100
Major demand zones: $50, $30, $10

Solana (Sol) Price Price Long-Term Prediction: Bearish
Solana’s (SOL) price dropped to the bearish trend zone as it risks declining to $19.40. The price of the crypto asset at the time of writing is $20.72. On March 24, the cryptocurrency’s price fell below the moving average lines but stayed above the 50-day SMA. Solana is now trading between the moving average lines. The altcoin is likely move in a range for a few days. If the coin breaks below the 21-day AMA, it will go to a low of $19 or $16 on the downside. The altcoin will restart its upward trend if the price moves above the 50-day SMA. The prior highs of $24 and $26 will be revisited.

Solana (Sol) Price Indicator Analysis
According to the Relative Strength Index for period 14, Solana is in a downtrend at level 47. The bearish trend zone is where the altcoin is most likely to decrease. But, because the price bars are pinned between the moving average lines, Solana will start a range-bound move. The oversold area of the market is now under selling pressure. It is below the daily Stochastic of level 20. Market bearishness will eventually run its course.

What Is the Next Move for Solana (SOL)?
On the 4-hour chart, Solana’s price is decreasing as it risks declining to $19.40. Since March 24, the crypto asset has been circling over the $20 support. According to the price indication, Solana will continue to fall until it reaches level 2.0 of the Fibonacci extension, or $19.40.

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