Solana Holds above Current Support but Risks Decline to $15.50

Key Highlights
Solana reaches an overbought region of the market
SOL/USD risks further decline to $15.50

Solana ( SOL) Current Statistics
The current price: $21.07
Market Capitalization: $11,360,705,391
Trading Volume: $210,213,478
Major supply zones: $60, $80,$100
Major demand zones: $50, $30, $10

Solana (Sol) Price Price Long-Term Prediction: Bearish
Solana (SOL) price is falling below the moving average lines but risks decline to $15.50. The cryptocurrency asset dropped to a low of $20.01 before starting to consolidate again. The price signal indicates that there is likely to be more selling pressure on the downside. The altcoin has been consolidating above the $20.01 support since the price collapse on May 8. If the bears break through the current support, the selling pressure will pick up. Solana reversed the downward trend from April 26 and a candle body tested the 50% Fibonacci retracement level. According to the correction, SOL will drop to level 2.0 of the Fibonacci extension, or $15.50. If Solana moves above the moving average lines or the resistance at $22, positive momentum will return.

Solana (SOL) Price Indicator Analysis
Solana is at level 45 on the Relative Strength Index for period 14. The coin is now trending downward and may continue to do so after consolidating. The further negative movement will be triggered by price bars that are below the moving average line. The market for the crypto asset has become overbought. It is above the daily Stochastic level 80. The current bullish momentum will fade quickly.

What Is the Next Move for Solana (SOL)?
Solana is now trading in an overbought market sector but risks decline to $15.50. Its upward trajectory may be short-lived. On the shorter time scale, the altcoin will be forced to move in a range for a few days between the moving average lines.

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