Solana’s Price stalls at $68 because a Decline Is Possible

Key Highlights
Solana’s upward momentum is hampered by a $68 high.
Solana is overbought

Solana (SOL) Current Statistics
The current price: $63.13′
Market Capitalization: $35,614,207,692
Trading Volume: $3,094,512,825
Major supply zones: $60, $70, $80
Major demand zones: $20, $10, $5

Solana (SOL) Price Long-Term Prediction: Ranging
The price of Solana (SOL) has remained sideways above the moving average lines because a decline is possible. Buyers have been unable to re-establish a bullish trend above the $68 resistance level. Today, the altcoin recovered to a high of $66 before falling.

If the current resistance is broken, the market will achieve a new high of $85 per coin. Meanwhile, buyers have continuously defended the 21-day SMA to keep Solana from falling further. Nonetheless, SOL/USD will fall if the bears break through the 21-day SMA support.

The current horizontal trend will stop, and the downward trend will restart. The drop will begin from the 21-day SMA to the current support level of $51. Later, SOL will decline to the 50-day SMA support or the $46 low.

Solana (SOL) Price Indicator Analysis
The moving average lines are sloping upward, with the 21-day SMA acting as a support line for the price bars. Since November 16, the rising trend has been stalled at the $68 high. This is because the cryptocurrency is overbought.

The coin will tumble if sellers emerge in the overbought region.

What Is the Next Move for Solana (SOL)?
SOL/USD has been in its price range of $51 to $68 for the past two weeks because a decline is possible. Price movement has been constrained between the moving average lines and the $68 resistance level. When the respective levels are breached, Solana will trend.

You can purchase crypto coins here. Buy LBLOCK

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing