Solana Fails to Advance as It Faces Rejection at $20.50

Key Highlights
Solana’s fluctuates below $20.50
Solana’s sideways trend continues

Solana (SOL) Current Statistics
The current price:$20.23
Market Capitalization: $11,302,068,401
Trading Volume: $188,318,041
Major supply zones: $60, $70,$80
Major demand zones: $20, $10, $5

Solana (Sol) Price Long-Term Prediction: Bearish
The price of Solana (SOL) has spent the previous week wedged between the moving average lines as it faces rejection at $20.50. Buyers were unable to maintain the positive momentum over the barrier line at the 50-day SMA or the resistance at $20.50.

SOL/USD was unable to move because it had been overbought over the past week. Solana costs $20.23 at the time of writing. The direction of the coins’ movement is unpredictable below the resistance level. It is currently higher than the 21-day SMA but lower than the 50-day SMA.

When these boundary lines are crossed, the cryptocurrency will start to trend. The altcoin is currently retreating from its most recent peak.

Solana (SOL) Price Indicator Analysis
Solana is trading in the uptrend zone at level 55 of the 14-period Relative Strength Index. The overbought state of the asset prevented the altcoin from rising in the bullish trend zone. The sideways trend might continue given that it is stuck between the moving average lines.

It is in a downward move when the daily Stochastic threshold of 80 is reached.

What Is the Next Move for Solana (SOL)?
Solana’s sideways trend will continue as it faces rejection at $20.50. Second, it is inside a narrow range that will necessitate a price rebound or decline. The price of the cryptocurrency has remained stable above the $20 price level. This is because Doji candlesticks are present.

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