Solana Price Analysis: Current State
Although the price of Solana (SOL) has declined recently after reaching a high of $68 on November 16, it is still above the moving average lines. The current rally has been stifled below the $70 mark, and the altcoin has been trading under the resistance level for the past three days. This indicates a potential return of the rally, but the $70 resistance zone is limiting its upside, with Solana currently being sold in the $54-$70 range.
Long Term Prediction: Bullish
The analysis of the Solana price indicator shows that the upward movement is shaky, and the market has reached the overbought zone. If buyers can break through the $70 resistance level, the altcoin is expected to reach a high of $90. However, if it falls below the 21-day SMA or the $54 support level, the altcoin could drop to a low of $41.
Technical Indicators
Key supply zones: $60, $65, $70
Key demand zones: $30, $25, $20
What’s Next for Solana?
Solana has entered the overbought zone after hitting a high of $70, and its price is oscillating between $54 and $70. Breaking through these levels will determine its further course. However, the overbought situation will likely impact its uptrend, as evidenced by its recent trading performance below the $64 barrier on November 12.
Hot Take: Solana’s Upward Movement
Despite recent setbacks, Solana’s price remains above the moving average lines, suggesting a continued bullish trend. The current struggle to break through the $70 resistance zone indicates some uncertainty in its upward movement, but breaking through this level could lead to a higher high of $90. Nevertheless, the altcoin’s market has reached the overbought zone, so caution is necessary as it continues its rally.
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