Solana Enters a Tight Range as It Tests the Resistance at $46

Key Highlights
Solana is in a tight range
The crypto asset faces rejection at $46

Solana (SOL) Current Statistics
The current price: $42.73
Market Capitalization: $24,010,921,288
Trading Volume: $17,999,764,447
Major supply zones: $60, $70,$80
Major demand zones: $20, $10, $5

Solana (Sol) Price Long-Term Prediction: Bullish
Solana’s (SOL) price has fallen as it tests the resistance at $46. The altcoin retraced to its low of $38 and began a range-bound move between $38 and $46. SOL is now trading at $43 at the time of writing. The price indicator predicts that the altcoin will continue to rise but will reverse at the recent high.

A retraced candle body on the November 1 rally tested the 78.6% Fibonacci retracement line. The retracement suggests that SOL/USD will increase but then reverse at the 1.272 Fibonacci extension or $53.40 level.

The altcoin will drop below the $32.50 breakthrough level on the downside where it fails to rise above the current high.

Solana (SOL) Price Indicator Analysis
Solana is in a consistent uptrend as long as price bars remain above the sloping moving average lines. The twenty-one-day SMA acts as a support line as the price bars rebound to resume the upward trend. Price bars in a downtrend will break below the moving average lines, resuming selling pressure.

What Is the Next Move for Solana (SOL)?
Solana has been trading between $38 and $45 in expectation of a breakout as it tests the resistance at $46. When the present range-bound levels are broken, the altcoin will trend. If not, the move will remain range-bound.

Meanwhile, if sellers emerge in the overbought region, the altcoin will fall.

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