Solana Is in a Range as It Faces Selling Pressure at $26

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RESULTS

Key Highlights
Solana has rallied to the high of $26
SOL/USD is stuck at the recent high

Solana ( SOL) Current Statistics
The current price: $25.33
Market Capitalization: $13,657,732,826
Trading Volume: $1,133,159,629
Major supply zones: $60, $80,$100
Major demand zones: $50, $30, $10

Solana (Sol) Price Analysis January 31, 2022
Solana’s (SOL) price hasn’t changed as it faces selling pressure at $26. Buyers have not yet managed to keep the positive momentum going above the $26 barrier. On January 20, the price of cryptocurrencies went through the $24 barrier level, but at roughly $26, selling pressure set in. The altcoin is currently bouncing below the resistance level. On the plus side, if the bullish momentum is maintained by the $24 support, the altcoin will increase to a high of $38. As soon as the altcoin entered the overbought area, the initial rally was broken. Solana will increase once more to test or break through the $26 resistance level.

Solana Technical Indicators Reading
On the Relative Strength Index for period 14, Solana is at level 63. Since the cryptocurrency is in the bullish trend zone, it will grow. The price bars are above the moving average lines, suggesting that the cryptocurrency price may be on the increase. Above level 80 of the daily Stochastic, the cryptocurrency is in the overbought range. The overbought zone at $26 is rejecting the cryptocurrency.


Conclusion
Solana is trading in a narrow range between $20 and $26 as it faces selling pressure at $26. Since January 14, Solana has been restricted to a range because the most recent high is rejecting the present uptrend. If the current resistance level is broken, Solana will surge to the following level of resistance.

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