Solana Reaches Overbought Area at $21 as It Faces a Drop

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Key Highlights
Solana rallies to the high of $20.81
SOL/USD reaches an overbought region

Solana ( SOL) Current Statistics
The current price: $20.80
Market Capitalization: $11,398,164,361
Trading Volume: $303,253,061
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 correcting to the upside as it faces a drop. The upward correction has hit the overbought zone. At its most recent top, the crypto asset is projected to be rejected. Solana was $20.81 at the time of writing. The altcoin will decline if sellers show up in the overbought range. On the plus side, SOL is diminishing as it approaches the overbought area.The cryptocurrency can drop to its prior low of $18. The price indicator has nonetheless foreshadowed a potential drop beyond the current support. SOL/USD will fall to its low point of $15.28, or level 2.0 of the Fibonacci extension.

Solana (SOL) Price Indicator Analysis
For period 14, Solana is currently in an upward correction at Relative Strength Index level 49. It suggests that Solana has attained the price of equilibrium. As a result, the supply-demand balance has been achieved. The price bars are currently sandwiched between the moving average lines as the price moves above the 21-day SMA. The cryptocurrency will begin a range-bound trend if the 21-day SMA holds. Solana has entered the overbought portion of the market. It is higher than level 80 of the daily stochastic.

What Is the Next Move for Solana (SOL)?
SOL/USD has reached a market level known as overbought as it faces a drop. The cryptocurrency market has gotten overbought. Since May 10, the altcoin has been attempting to break through a resistance zone around $21. If the altcoin is rejected at its current high, selling pressure will increase again.

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