Solana Reaches a Peak of $22 but Faces a Drop

Key Highlights
Solana makes a series of higher highs and higher lows
Solana struggles below $22

Solana ( SOL) Current Statistics
The current price: $21.84
Market Capitalization: $12,088,088,693
Trading Volume: $756,559,647
Major supply zones: $60, $80,$100
Major demand zones: $50, $30, $10

Solana (Sol) Price Price Long-Term Prediction: Bearish
Solana (SOL) price has broken above the moving average but faces a drop. For the past 48 hours, the bulls have struggled to break beyond the current high. The market will ascend to the $26 overhead resistance if the most recent high is broken.

Near the most recent high, the market is overbought. On June 5, the crypto asset was rejected at its $22 peak and fell to its previous low of $14. Today, the altcoin is struggling with the same problem. At the most recent high on the upside, the cryptocurrency can be rejected.

On the negative, Solana will decline to its previous low of $16. The coin will thereafter resume its sideways trend. The altcoin will resume its range-bound movement between $16 and $22 price levels.

Solana (SOL) Price Indicator Analysis
Solana’s current rise has hit overbought territory. The Relative Strength Index for period 14 stands at 69. This explains why the market has reached the point of bullish exhaustion. As the cryptocurrency reaches a high of $22, the price bars are above the moving average lines.

Solana is also above the daily Stochastic threshold of 80. At the latest high, the coin is overbought. There is a chance that sellers will emerge from the overbought region.

What Is the Next Move for Solana (SOL)?
Solana has surged to the market’s overbought zone but faces a drop. Further gains above the $22 high are doubtful. Since June 5, the altcoin has faced rejection at its recent high. Today, at the recent high, the altcoin will meet similar rejection.

Meanwhile, the altcoin is trading below the current barrier level.

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