Solana Oscillates As It Risks Declining below the $17 High

Key Highlights
Solana is stuck at the $17 high
The coin reaches overbought region

Solana ( SOL) Current Statistics
The current price: $17.18
Market Capitalization: $9,449,475,223
Trading Volume: $257M
Major supply zones: $60, $80,$100
Major demand zones: $50, $30, $10

Solana (Sol) Price Price Long-Term Prediction: Bearish
The price of Solana (SOL) is down, yet it is beginning to rise as it risks declining below the $17 high. Since June 21, the cryptocurrency’s price has been trying to break through the $17 barrier level. The altcoin has been oscillating below the resistance level for the past five days.

On the plus side, if buyers can break through the resistance at $17 and the moving average lines, the cryptocurrency will surge to a high of $22. The upward movement is shaky because the market has reached overbought levels.

At the time of writing, the altcoin was trading at $17.23. Nonetheless, if buyers fail to break over the barrier line, the altcoin will fall below its previous low of $14. In addition, if the present support level of $14 holds, the crypto asset will be forced to move in a range between $14 and $17.

Solana (SOL) Price Indicator Analysis
The altcoin’s upward corrective has moved it close to the bullish trend zone. For period 14, the altcoin is at a Relative Strength Index level of 48. The coin remains on a bearish trend. The price bars are being rejected at the moving average lines, causing the cryptocurrency to fall.

Solana has a strong momentum over the daily Stochastic threshold of 75. In the overbought region, the increasing trend has slowed.

What Is the Next Move for Solana (SOL)?
Solana has been trading below the recent high as it risks declining below the $17 high. The cryptocurrency’s price is retesting the market’s overbought zone. Because Solana is in a bearish trend, it will fall below its prior low of $14.

Similarly, a price comeback will expedite the upward movement above the resistance level.

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