Solana Maintains Its Bullish Rise as It Stays Sideways Above $51

Azeez Mustapha


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Key Highlights
Solana is in a range between $51 and $62
Solana is overbought

Solana (SOL) Current Statistics
The current price: $60.92
Market Capitalization: $34,349,177,196
Trading Volume: $1,302,995,021
Major supply zones: $60, $70, $80
Major demand zones: $20, $10, $5

Solana (SOL) Price Long-Term Prediction: Ranging
The upswing in Solana (SOL) has ended as it stays sideways above $51. The upward movement is limited below the $62 high, although it is above the 21-day simple moving average. The current peak price of $68 is the May 11 historical price level.

The cryptocurrency will move up to the next resistance level, which is $95 per coin, if buyers manage to keep the price above the previous high. Nonetheless, the 21-day SMA is preventing the present price level from falling further.

The $51 support level is where Solana will drop if the bears break through the 21-day SMA. Later, selling pressure will increase to a low above the 50-day simple moving average.

Solana Maintains Its Bullish Rise as It Stays Sideways Above $51
SOL/USD – Daily Chart

Solana (SOL) Price Indicator Analysis
Solana could fall because the price bars are close to and above the moving average lines. Buyers have defended the 21-day SMA support as the coin remains sideways above the moving average lines. Doji candlesticks have limited the amount of price movement.

What Is the Next Move for Solana (SOL)?
SOL/USD has been trading in a range between $51 and $62 on the 4-hour chart as it stays sideways above $51. Since November 29, the cryptocurrency’s price has fluctuated below the $62 barrier mark. Buyers were unable to maintain their bullish momentum due to the limitations of the Doji candlesticks.

For example, if the resistance is broken, SOL will rise above the $68 high.

Solana Maintains Its Bullish Rise as It Stays Sideways Above $51
SOL/USD – 4 Hour Chart

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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