Solana Continues Its Sideways Trend as It Challenges the $22 High

Key Highlights
Solana is in a range
SOL/USD recoups above the $18 support

Solana ( SOL) Current Statistics
The current price: $19.43
Market Capitalization: $10,471,437,532
Trading Volume: $802,342,983
Major supply zones: $60, $80,$100
Major demand zones: $50, $30, $10

Solana (Sol) Price Price Long-Term Prediction: Bearish
The price of Solana (SOL) has fallen to a low of $16 as it challenges the $22 high. The rising correction has come to an end as selling pressure picks up again. The price has fallen because buyers were unable to hold it above either the resistance at $22.18 or the 50-day SMA. It’s unlikely that the previous high of $26 will be reached again. To the downside, Solana will fall beneath the current support line at about $16. The downturn will resume if the price falls below the $16 level of support. This indicates that Solana will likely keep declining, maybe reaching lows of $14 and $10. On the other hand, the altcoin will be compelled to move in a range between $16 and $22 if the existing support persists.

Solana (Sol) Price Indicator Analysis
Solana is in a decline at level 43, following the Relative Strength Index for period 14. The altcoin is probably going to keep losing value. The price bars are below the moving average lines, further depressing them. The altcoin is likely to resume heading upward once it enters the oversold region of the market. Currently, the daily Stochastic is below level 20.

What Is the Next Move for Solana (SOL)?
Solana’s price has fallen in the oversold portion of the market as it challenges the $22 high. That may indicate that the selling drive has reached bearish exhaustion. Additionally, it suggests that the altcoin’s rise will quickly continue. On the 4-hour chart, Solana is positioned between the moving average lines . It may be necessary for the altcoin to make range-bound moves for a few days.

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