Solana Slides into Range Bound Zone as It Revisits the $20 Low

Azeez Mustapha


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Key Highlights
Solana resumes selling pressure
The altcoin may resume a sideways trend in the long run

Solana ( SOL) Current Statistics
The current price: $23.52
Market Capitalization: $13,018,494,826
Trading Volume: $373,721,793
Major supply zones: $60, $70,$80
Major demand zones: $30, $20, $10

Solana (Sol) Price Price Long-Term Prediction: Bullish
Solana (SOL) is falling below the 21-day simple moving average as it revisits the $20 low. The price of the cryptocurrency is now below the 21-day SMA but above the 50-day SMA. The slide will stretch from the latest high to the bottom above the 50-day SMA. Solana will resume its sideways movement if the 50-day SMA holds.

Until the moving average lines are broken, the altcoin will bounce between them. On the downside, Solana is likely to fall to a low of $20 or above the 50-day simple moving average. As the market approaches the oversold level, the upward or range-bound move will begin.

Solana Slides into Range Bound Zone as It Revisits the $20 Low
SOL/USD – Daily Chart

Solana (SOL) Price Indicator Analysis
Solana has currently retreated below the Relative Strength Index low of 51 for period 14. As demand and supply balance, the altcoin’s price has reached equilibrium. The cryptocurrency is locked between the moving average lines, indicating a likely range-bound move. The market was previously oversold, but it is now above level 25 of the daily Stochastic.

What Is the Next Move for Solana (SOL)?
The crypto asset will return to trading sideways as it revisits the $20 low. To begin, the altcoin is falling as it approaches support at the 50-day SMA. Currently, the altcoin is increasing, but it will fall if it is rejected at the $24 high.

Solana Slides into Range Bound Zone as It Revisits the $20 Low
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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