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

Highlights
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.

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.

Conclusion
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.

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