Solana (SOL) Maintains Above Moving Average Lines
Solana (SOL) has managed to hold above the moving average lines, although its upward trend has been temporarily disrupted since November 15. Currently, the cryptocurrency is experiencing a sideways movement.
Solana (SOL) Price Long Term Prediction: Bullish
Last week, Solana traded between $51 and $68 in anticipation of a positive trend. However, since November 23, the upward momentum has faced resistance at the $60 level. If the sellers manage to break through the support at $51 or the 21-day SMA, the altcoin’s price will decline further.
The downside momentum could extend to the 50-day SMA or the $36 support level. On the upside, it is unlikely that Solana will experience significant gains. The market is expected to continue its sideways movement as long as volatility remains low.
Analysis of Solana Price Indicator
On the 4-hour chart, Solana’s price bars are higher than the moving average and are leaning towards the north. The moving average lines are indicating a horizontal trend, suggesting a sideways movement. Given its current position, selling pressure is expected near the recent high as Solana approaches overbought territory, indicating that it may be overvalued.
Technical Indicators
Key supply zones: $60, $65, $70
Key demand areas: $30, $25, $20
What’s Next for Solana?
Despite the interruption in its upward trend, Solana is currently trading in the overbought zone. The altcoin is moving sideways within a range of $51 to $68 per coin. At the time of writing, the bullish momentum has stalled near the $60 level. If Solana faces rejection at this level, it is predicted that the altcoin will gradually decline.
According to a report on November 19, Solana’s price has been unable to surpass the $70 mark.
Hot Take: Solana’s Sideways Trend Continues
Solana (SOL) continues to maintain its position above the moving average lines but is currently experiencing a sideways trend. While there were expectations of a positive trend, the recent resistance at $60 has disrupted the upward momentum. The altcoin’s price is expected to decline if it encounters further rejection at this level. Technical indicators suggest that Solana may be overvalued, and selling pressure is anticipated near the recent high. The market will likely remain in a sideways movement as long as volatility remains low.
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