Solana May Revisit Previous Low as It Faces Rejection at $22

Key Highlights
Solana is trading between $19 and $2
The altcoin has reached bearish exhaustion

Solana ( SOL) Current Statistics
The current price: $21.50
Market Capitalization: $11,942,960,702
Trading Volume: $206,139,502
Major supply zones: $60, $70,$80
Major demand zones: $30, $20, $10

Solana (Sol) Price Price Long-Term Prediction: Bearish
Solana’s (SOL) price has ended its bearish trend as it faces rejection at $22. The price indicator had previously predicted that the market will decline to a low of $19.16. As the crypto retreated beyond the $21 threshold, the bulls are now buying the dips.

The cryptocurrency has been consolidating above the $21 support for the last 48 hours. The 21-day moving average line or the resistance at $22 is preventing further higher movement. If the altcoin breaks above the moving average and resistance lines, the bullish trend will return.

The cryptocurrency will increase to its prior high of 26. Bulls have bought the dip on the downside, leaving a lengthy candlestick tail. The extensive candlestick tail suggests strong buying at the lower price level.

Solana (SOL) Price Indicator Analysis
For period 14, Solana is in the negative trend zone at a Relative Strength Index level of 40. The price bars are below the moving average lines, which has contributed to the cryptocurrency’s drop.

The altcoin uptrend has come to a halt at the $22 barrier level. Solana is in a bearish trend below the daily Stochastic level of 80.

What Is the Next Move for Solana (SOL)?
Solana has attained bearish exhaustion as it faces rejection at $22. The price of the altcoin is now ranging between $19 and $22. When the range bound levels are breached, the altcoin will trend. The resistance at $22 is currently limiting the upward movement.

If the current support holds, the trend will shift.

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