Solana Reaches Overbought Region as It Faces Rejection at $64

Key Highlights
Solana reaches its peak price at $68
The crypto decline is pending

Solana (SOL) Current Statistics
The current price: $59.50
Market Capitalization: $33,468,695,651
Trading Volume: $3,967,452,591
Major supply zones: $60, $70,$80
Major demand zones: $20, $10, $5

Solana (SOL) Price Long-Term Prediction: Bullish
The price of Solana (SOL) is rising but faces rejection at $64. Since November 11, the bulls have attempted three times to break through the $64 barrier but have been repelled each time. Solana was repulsed at the resistance level as the market retraced above the $50 support level.

In other words, SOL/USD is priced between $50 and $64. On the plus side, if the bulls break through the barrier level, the coin will rise to a high of $78. The rise, however, will be short-lived, as the cryptocurrency will revert to the recent high.

Furthermore, the altcoin has entered the market’s overbought zone. If the bulls fail to break above the recent high, the coin will revert to its range-bound movement between $50 and $64.

Solana (SOL) Price Indicator Analysis
On the 4-hour chart, Solana has been stuck twice between the moving average lines. When the coin is rejected at the recent high, it will get trapped. This is what caused the sideways movement. On the daily chart, Solana’s price bars are above the moving average lines, indicating that the coin may advance.

What Is the Next Move for Solana (SOL)?
Solana is trading in the bullish trend zone, above the moving average lines but faces rejection at $64. Currently, further upward movement of the coin is speculative as the market approaches overbought territory. Meanwhile, SOL/USD will trade between $50 and $64 if the coin fails to reach the prior high.

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