Solana May Tumble as It Hits the $19.50 High

Key Highlights
Solana’s price range has been reduced to between $17 and $19.
Solana risks further decline

Solana (SOL) Current Statistics
The current price: $18.98
Market Capitalization: $10,586,109,503
Trading Volume: $194,358,693
Major supply zones: $60, $70,$80
Major demand zones: $20, $10, $5

Solana (Sol) Price Long-Term Prediction: Bearish
Solana (SOL) price is falling further, reaching a low of $17.36 as it hits the $19.50 high. The altcoin recovered and reached a high of $19.52. The bullish momentum fails to break through the $19.50 resistance level or the 21-day simple moving average.

Since the price drop on August 17, the bulls have failed to break through the 21-day SMA. Each time the altcoin retests the 21-day SMA, it will fall. Solana is now trading at $19.17 at the time of writing. On the plus side, if bulls break through the current resistance level, the altcoin will rise above the moving average lines and hit its previous high of $22.

The altcoin is currently being rejected at the 21-day SMA. The altcoin will return to the prior low of $17 after being rejected at the latest peak.

Solana (SOL) Price Indicator Analysis
Solana has been bouncing as it approaches the Relative Strength Index level 44 for period 14. The cryptocurrency will fall because of the recent high’s current rejection. The altcoin is retreating a little as the price rejects the 21-day SMA.

The daily chart’s daily level of 80 indicates that the upward corrective has reached bullish exhaustion.

What Is the Next Move for Solana (SOL)?
Solana battles the current levels of opposition as it hits the $19.50 high. Since September 14, it has been oscillating below the resistance level. If selling pressure returns, the cryptocurrency will return to its prior low of $17.

In other words, the market will fluctuate between $17 and $19 as it maintains its range-bound trend.

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