Solana Resumes Its Range As It Circles Above $19

Key Highlights
Solana reaches bearish exhaustion
Solana holds above $19 support

Solana ( SOL) Current Statistics
The current price: $19.29
Market Capitalization: $10,729,235,405
Trading Volume: $212,610,843
Major supply zones: $60, $70,$80
Major demand zones: $20, $10, $5

Solana (Sol) Price Price Long-Term Prediction: Bearish
Solana’s (SOL) price has reached bearish exhaustion as it circles above $19. The present price level has entered the market’s oversold zone. On September 1, the altcoin hit a low of $19.03 before reversing. On the downside, if the bears break through the existing support, the market would fall to $18.

Alternatively, if current support holds, it will imply the resumption of a range-bound price movement between $19 and $22. The presence of Doji candlesticks has currently restrained price movement. At the time of writing, the altcoin is worth $19.82.

Solana (SOL) Price Indicator Analysis
At level 36 of the Relative Strength Index, Solana is in the bearish trend area for period 14. The altcoin is entering the market’s oversold zone. On August 30, the price bars were rejected by the 21-day SMA, leading them to fall. As long as price bars remain below the moving average lines, the market will continue to fall.

The altcoin is rising over level 70 of the daily Stochastic.

What Is the Next Move for Solana (SOL)?
Solana is recovering about the $19 support line as it circles above $19. The cryptocurrency asset has been trading above the existing support since August 17. The cryptocurrency will begin its range bound move at the current support level. Further declines in the coin are unlikely as the market approaches oversold territory.

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