Solana Rebounds as It Retests the Resistance at $75

Azeez Mustapha


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Key Highlights
Solana continues its range
Solana reaches overbought region

Solana (SOL) Current Statistics
The current price: $74.02
Market Capitalization: $41,831,415,571
Trading Volume: $1,560,383,995
Major supply zones: $60, $70, $80
Major demand zones: $20, $10, $5

Solana (SOL) Price Long-Term Prediction: Bullish
Solana’s (SOL) price is trading in the bullish trend zone and above the moving average lines as it retests the resistance at $75. The crypto asset has ended its bullish ascent at the high of $75 on December 8. The altcoin has been fluctuating below the resistance at $75 in anticipation of achieving a bullish trend.

For the past week, buyers have yet to resume a fresh uptrend. However, if buyers are successful above the resistance at $75, the market will rally to the high of $100. The altcoin will be compelled to continue its sideways move above the moving average lines but below the recent high where buyers fail to achieve a bullish trend.

Nonetheless, if the bear breaches the 21-day SMA support, it will signal the resumption of selling pressure. SOL/USD will decline above the 50-day $MA or the $54 low.

Solana Rebounds as It Retests the Resistance at $75
SOL/USD – Daily Chart

Solana (SOL) Price Indicator Analysis
The crypto’s price is above the 21-day and 50-day moving averages.
This could cause the coin to keep moving upward. However, the coin’s slide will begin if the bears break below the moving average lines. Doji candlesticks are present, which is why price movement is currently constrained.

What Is the Next Move for Solana (SOL)?
The cryptocurrency has yet to break beyond the $75 barrier as it retests the resistance at $75. The price of the altcoin has been ranging between $64 and $68. Buyers pushed the altcoin to a high of $79 on December 15 and were repulsed.

The altcoin has returned to its trading range and will continue to fluctuate for a few days. Solana risks falling as it reaches the market’s overbought zone.

 Solana Rebounds as It Retests the Resistance at $75
SOL/USD – 4 Hour Chart

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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