Solana (SOL) Rallies to $205 High as Altcoin Hovers Above $180 Support

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Highlights
Solana rallies to $205
SOL/USD may be compelled to a range-bound move

Solana (SOL) Current Statistics
The current price: $192.17
Market Capitalization: $98,318,002,054
Trading Volume: $2,258,202,415
Major supply zones: $280, $300, $320
Major demand zones: $160, $140, $120

Solana (SOL) Price Analysis December 27, 2021
Solana’s (SOL) price has recovered from its downward move as altcoin hovers above $180 Support . The crypto’s price breaks above the 21-day line moving average but fails to break above the 50- day line moving average. If the bulls have broken above the moving averages, the cryptocurrency will be out of downward correction. The current upward move will be accelerated to the upside. The altcoin will revisit the previous highs of $240 and $260. However, today Solana is facing rejection at the 50-day line moving average. The bottom line is that the cryptocurrency will be compelled to fluctuate between the 21-day line and the 50-day line moving averages.

Solana (SOL) Rallies to $205 High as Altcoin Hovers Above $180 Support
SOL/USD – Daily Chart

Solana (SOL) Technical Indicators Reading
Solana’s price is at level 51 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand. The altcoin is likely to resume a range-bound move as it fluctuates between the moving averages. Solana is above the 25% range of the daily stochastic. The market is in a bullish momentum.

Conclusion
SOL/USD has resumed upward move as altcoin hovers above $180 Support . The bulls bought the dips above the $152 support. The current uptrend has reached the high of $205. It is currently retracing to the downside. If price finds support above the 21-day SMA, the market will resume upward.

Solana (SOL) Rallies to $205 High as Altcoin Hovers Above $180 Support
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.