Solana Reaches the Overbought Area as It Faces Rejection at $22.75

Key Highlights
Solana regains bullish momentum
SOL/USD resumes range-bound move

Solana ( SOL) Current Statistics
The current price: $22.46
Market Capitalization: $12,071,528,597
Trading Volume: $594,110,247
Major supply zones: $60, $80,$100
Major demand zones: $50, $30, $10

Solana (Sol) Price Price Long-Term Prediction: Bullish
Solana’s (SOL) price is currently trading in the bullish trend zone as it faces rejection at $22.75. The crypto’s price has increased as it approaches the 21-day line SMA from a low of $19 to a high of $22. On the plus side, the cryptocurrency asset will restart its upward trend if price crosses the 21-day line SMA. The cryptocurrency will cost $26 again, which was its previous high. The altcoin will collapse and resume its range-bound movement between the moving average lines if the price fails to break through the 21-day line SMA. The slump will resume if the price of the cryptocurrency drops below the 50-day SMA. The altcoin is now trading at $22.38 as of this writing.

Solana (Sol) Price Indicator Analysis
At level 51 of the Relative Strength Index for period 14, Solana is in the positive trend zone. It suggests that supply and demand are in equilibrium. Because the moving average lines are positioned between the price bars, the coin must move in a range. Solana has entered the market’s overbought area. It is above the daily Stochastic level of 80. It suggests that the bullish momentum has run its course.


What Is the Next Move for Solana (SOL)?
Solana is advancing to the prior high as it faces rejection at $22.75. As the bullish momentum approaches the overbought area of the market, it can be rejected. Between the moving average lines, the altcoin will lose value and become range-bound.

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