Solana (SOL) Price Analysis: SOL/USD Is Range-bound, Uptrend Is Likely


Solana is range-bound between the moving averages
SOL/USD has a target price of $251

Solana (SOL) Current Statistics
The current price: $218.68
Market Capitalization: $111,437,601,610
Trading Volume: $3,064,439,944
Major supply zones: $280, $300, $320
Major demand zones: $160, $140, $120

Solana (SOL) Price Analysis November 22, 2021
Solana’s (SOL) price is above the 50-day line but below the 21-day line moving averages. Yesterday, buyers could not break above the 21-day line moving average. A break above the 21-day SMA will push the cryptocurrency to $300 high. Similarly, a break below 50-day SMA will sink the altcoin to $140 low. However, SOL/USD will be in a range-bound move if the two moving average lines remain unbroken.

SOL/USD – Daily Chart

Solana (SOL) Technical Indicators Reading
Solana has fallen to level 49 of the Relative Strength index period 14. It indicates that there is a balance between supply and demand. The cryptocurrency is in a range-bound move as it fluctuates between the 21-day line and the 50-day line moving averages. Solana is above the 25% range of the daily stochastic. The market is in a bullish momentum as it rises.

On the 4 hour chart, Solana is in an upward move. The crypto’s price has broken above the moving averages thrice. Meanwhile, on November 20 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Solana will rise to level 2.0 Fibonacci extensions or $251.86.

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.