Solana (SOL) Trading Sideways Below $20.50 Level
Solana (SOL) is currently trading sideways below the $20.50 level. The cryptocurrency faced resistance at this level on September 5 and again on September 21 when it fell above the $19 support. Despite being caught between moving average lines, the $19 support has held. The price of Solana will depend on when these moving average lines are broken.
Solana Long-term Price Forecast: Bearish
Currently, Solana is in an oversold market zone, which means buyers are expected to show up and push the price higher. If the buyers can keep the price above the 50-day moving average line, Solana will resume its uptrend.
Solana Price Indicator Analysis
Solana is currently in a bearish trend zone with a Relative Strength Index of 47. As long as it remains in this zone and trades between the moving average lines, it will be forced to stay within a trading range. The cryptocurrency is already in the oversold zone and below the daily stochastic value of 20.
Technical Indicators
Key supply zones for Solana include $20, $25, and $30, while key demand zones include $10, $5, and $1.
What Is the Next Move for Solana?
Solana is currently trapped between moving average lines and is trading above the $19 support. If bears break this support or the 21-day moving average, there is a risk of a further decline. For now, the price movement is limited as it remains trapped between these moving average lines.
According to our report from September 20, Solana has retested the high of $19 since September 15 but buyers have failed to keep the price above this level.
Hot Take: Solana Struggles to Break Resistance at $20.50
Solana (SOL) continues to face resistance at the $20.50 level, hindering its upward movement. The cryptocurrency remains caught between moving average lines, but the $19 support has held for now. Solana is currently in an oversold market zone, which suggests that buyers could step in and push the price higher. However, if the bears break the $19 support or the 21-day moving average, there is a risk of a further decline. Solana’s price movement is currently limited as it remains trapped between these moving average lines. Overall, Solana’s long-term price forecast remains bearish.
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