Solana Corrects Higher As It Faces Rejection at $16

Key Highlights
Solana faces the resistance at $16

Solana ( SOL) Current Statistics
The current price: $15.73
Market Capitalization: $8,656,080,859
Trading Volume: $122M
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) is falling as it faces rejection at $16. The altcoin is currently retesting an overbought market region. Solana faces a drop if it is rejected at the $16 high. If buyers surpass the recent high, the cryptocurrency asset will reach a new high of $20. However, as the market becomes overbought, the altcoin will fall in value. If the coin is rejected at a recent high, selling pressure will resume. Solana will revert to its previous low of $9. Meanwhile, at the time of writing, Solana had reached a high of $15.72.

Solana (SOL) Price Indicator Analysis
Solana reaches Relative Strength Index level 31 for period 14. The coin is approaching the market’s oversold zone. It is currently correcting upward to the previous high. The price bars are lower than the moving average lines, indicating a downward trend. The altcoin is trading below the daily Stochastic level of 80. The cryptocurrency is gaining ground in the bear market.


What Is the Next Move for Solana (SOL)?
Solana is in decline as it faces rejection at $16. Since June 10, the altcoin’s price has been fluctuating between $13 and $16. When the range-bound levels are broken, the crypto asset will trend. The coin is currently retesting the $16 resistance level.

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