Solana’s Rally Ends as It Returns to the Prior Low of $20

Key Highlights
Solana faces rejection in the overbought region
Solana may revisit the previous low of $20

Solana (SOL) Current Statistics
The current price: $21.21
Market Capitalization: $11,871,525,959
Trading Volume: $277,002,816
Major supply zones: $60, $70,$80
Major demand zones: $20, $10, $5

Solana (Sol) Price Long-Term Prediction: Bearish
The price of Solana (SOL) has fallen below the 21-day SMA as it returns to the prior low of $20 . The drop put an end to the surge that began on October 1 at a high of $24.50. Buyers tried hard to keep the bullish trend above the most recent high but were repelled three times.

As of this writing, the drop has fallen to a low of $21.41. The price signal suggests that the selling pressure will continue down to a low of $220. The crypto’s price has been held hostage between the moving average lines in the interim.

The moving average lines will be the trading range for Solana. The low above the 50-day SMA will be reached by the negative momentum. If the price drops below the 50-day SMA, the selling pressure will pick up again. On the other side, if the 50-day SMA support holds, the price movement between the moving average lines would start.

Solana (SOL) Price Indicator Analysis
Solana’s price has fallen after being rejected at the $24.50 high and is currently trading below the 21-day SMA. The cryptocurrency’s price is higher than its 50-day SMA but lower than its 21-day $MA. The crypto asset will be compelled to move in a range if it gets stuck between the moving average lines.

The upward rise of the moving average lines shows the prior trend.

What Is the Next Move for Solana (SOL)?
Solana has begun to restore the downturn as it returns to the prior low of $20. The altcoin reversed upward after the price decline of October 4 and a candle body tested the 50% Fibonacci retracement level. According to the correction, Solana will drop to level $20.72, or level 2.0 of the Fibonacci extension.

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