Solana Long Term Price Forecast: Bearish
The price of Solana (SOL) is currently in a bearish trend zone but is experiencing a corrective upward movement. The cryptocurrency recently retested the high of $19 but buyers were unable to maintain the price above this level. If the resistance at $19 is broken, Solana could rise above the moving average lines and continue its positive trend towards $22. However, the altcoin is currently declining and has reached a level of $19.12. Over the past five days, the price has been hovering below the resistance level, and if selling pressure increases, Solana may fall below its previous low of $17.
Solana Price Indicator Analysis
Despite its current decline, Solana is still in an upward correction phase and is approaching the Relative Strength Index (RSI) level of 44. If the price remains below the moving average lines, the altcoin will likely fall further. On the other hand, if the price bars move above the moving average lines, Solana will attempt to rise again. Additionally, there is a possibility for the altcoin to rise above a value of 60 on the daily stochastic indicator.
Technical Indicators
Key supply zones for Solana include $20, $25, and $30, while key demand zones are at $10, $5, and $1.
What Is The Next Move For Solana?
Solana is currently in an uptrend but has encountered resistance at the $19 level. If it can surpass this initial resistance level, there is a chance for further price increase. However, it’s worth noting that when an altcoin surpasses its previous high, it may be considered overbought. Last week, it was reported that if selling pressure continues, the market could retrace and reach previous lows of $15.61 and $13.02 again. Solana has completed an upside correction following a plunge on August 6, and a retreating candlestick has tested the 61.8% Fibonacci retracement level.
Hot Take: Solana’s Price in a Bearish Trend Zone but Correcting Upwards
The price of Solana (SOL) is currently in a bearish trend zone, with resistance at $19. However, there is potential for an upward correction if this resistance level is broken. Solana is still in an overall uptrend but has encountered some selling pressure, causing its price to decline. The altcoin’s price indicator analysis suggests that it may fall further if it remains below the moving average lines, but could rise if it moves above them. Key technical indicators provide supply and demand zones for Solana. The next move for Solana depends on its ability to surpass the $19 resistance level and avoid becoming overbought.
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