Wednesday, June 19, 2024

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    Solana breaks through resistance but remains below the $22.00 high

    The latest price analysis conducted by report, the price of Solana (SOL) has broken above the resistance at $20.50, while buyers are targeting a high of $22.

    Long-term forecast for the price of Solana: falling

    The price of the cryptocurrency overcame the resistance at $20.50 and the 50-day SMA. Bullish momentum hit a high of $21.82 before encountering resistance. The $22 resistance zone is where the upside is rejected. The market is overbought near the recent high. Solana is currently regaining some of its recent peak. If the price returns above the moving average lines, the current uptrend will continue. The uptrend will continue to the high of $22.30. On the other hand, the altcoin will have to fall and remain in a range if the price of the cryptocurrency falls below the 50-day SMA line. Today’s rebound sent the altcoin to a low of $21.22.

    Analysis of the indicators of the prices of Solana

    The relative strength index for the period of 14 shows that Solana is trading at 61, indicating an uptrend. The altcoin has the potential to continue its uptrend as long as the price bars are above the moving average lines. The price of the cryptocurrency is currently falling after crossing the overbought zone. It is below the 80 level of the daily stochastic.

    Technical indicators

    Key offer zones: $20, $25, $30

    Key demand zones: $10, $5, $1

    What is Solana’s next move?

    Solana continued its uptrend after the price of the cryptocurrency rose above the moving average lines. The $21.82 high currently represents resistance for the altcoin. The altcoin is retreating towards the $20.50 breakout level. The market will continue to expand if the altcoin maintains its position above the $20.50 support line.

    As we reported on September 24th, as of September 5th, resistance at $20.50 halted the upside. Solana experienced resistance on September 21 when it broke above the $19 support.

    This analysis and forecast is the personal opinion of the author and is not a recommendation to buy or sell cryptocurrency and should not be considered an endorsement by Readers should do their research before investing in the funds.

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