Solana Rises Above $20 But Remains Range-bound

Key Highlights
Solana consolidates above the $20 support
Solana has reached bearish exhaustion

Solana ( SOL) Current Statistics
The current price: $20.78
Market Capitalization: $11,556,172,140
Trading Volume: $271,501,073
Major supply zones: $60, $70,$80
Major demand zones: $20, $10, $5

Solana (Sol) Price Price Long-Term Prediction: Bearish
Solana (SOL) has been stabilizing above the $20 support but remains range-bound. Buyers have defended the price as it moves over the $20 current support level. On August 29, the bulls attempted but failed to break over the $22 resistance level.

Today, the altcoin has dropped to a lower price range while remaining above the $20 support. For the previous week, the cryptocurrency has been trading in a narrow range between $20 and $22. The bears have failed to break through the existing support as the market approaches oversold territory.

On the plus side, if the $22 resistance level is broken, Solana will resume its positive trend. The bullish momentum will remain above the moving average lines as it gets closer to the $26 high.

Solana (SOL) Price Indicator Analysis
Solana is in a bearish trend as it approaches Relative Strength Index level 42 for period 14. As long as the price bars remain below the moving average lines, the cryptocurrency will fall. The moving average lines are currently sloping horizontally, indicating a range-bound move.

The bearish momentum has slowed below the daily Stochastic level of 40.

What Is the Next Move for Solana (SOL)?
The cryptocurrency’s bearish run has come to end but remains range-bound above the $20 support. The candlestick tails are pointing to the $20 support level. The candlesticks imply significant buying at lower price levels. If the altcoin recovers above its current support, it will increase.

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