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

Azeez Mustapha


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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’s Price stalls at $68 because a Decline Is Possible
SOL/USD – Daily Chart

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.

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