Solana Remains above $23 as It Resumes a New Uptrend

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Key Highlights
Solana is in a fresh decline
SOL/USD may hold above the moving average lines

Solana ( SOL) Current Statistics
The current price: $23.81
Market Capitalization: $12,914,997,079
Trading Volume: $912,868,263
Major supply zones: $60, $80,$100
Major demand zones: $50, $30, $10

Solana (Sol) Price Price Long-Term Prediction: Bullish
The price of Solana (SOL) is currently in the bullish trend zone as it resumes a new uptrend. After being rejected at $26, the altcoin is currently in decline. Since January 20, the $26 resistance has not been overcome. Buyers made three unsuccessful attempts to overcome the resistance level. Solana is moving lower as it gets closer to the moving average lines. On the downside, the prior uptrend might resume if the altcoin declines and maintains above the 21-day line SMA. The $26.00 resistance will be retested by the cryptocurrency. On the other hand, the market will start a range-bound move if Solana declines between the moving average lines. However, if the price drops below the moving average lines, selling pressure will reach the lows of $17.50 and $19.

Solana (Sol) Price Indicator Analysis
Solana remains in the bullish trend zone despite falling to level 53 of the Relative Strength Index for period 14. The altcoin will rise once more if the retracement closes in the bullish trend zone. At the time of writing, the price bars are above the moving average lines, indicating a rise in the value of the coin. Given that Solana is below the daily Stochastic’s level 20, the current decline has reached its bearish limit. The oversold area of the market has been reached.


What Is the Next Move for Solana (SOL)?
Solana is in a decline but it resumes a new uptrend. The oversold area of the market for the altcoin has been reached. This explains why it is unlikely that the altcoin will move even lower. The altcoin is holding after breaking through the $23 support level.

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