Solana Price Analysis: Bearish Long-Term Forecast
The price of Solana (SOL) recently hit a low of $20.96, indicating the end of its decline. While it fell below the 21-day simple moving average, it remained above the 50-day simple moving average. However, buyers managed to keep the price above the 21-day line SMA on October 13, suggesting a potential upward trend. If this momentum continues, Solana could reach a high of $28, although it may face resistance near $26. In case the price falls below the 21-day line SMA, the cryptocurrency will likely trade within a range for some time. Currently, Solana has reached a high of $22.06.
Solana Price Indicator Analysis
When the price bars of Solana cross over the moving average lines, its price tends to rise until it encounters resistance or becomes overbought. However, if the price bars fall below the 21-day line SMA, it neutralizes the bullish position. Currently, the moving average lines are on an upward trajectory.
Technical Indicators
Key supply zones for Solana include $20, $25, and $30, while key demand zones include $10, $5, and $1.
What’s Next for Solana?
After breaking above the 21-day line SMA, Solana’s positive trend has resumed. However, it is currently facing resistance at $22.20 in the lower time frame and is stuck between the moving average lines. It is unlikely that the coin will continue to rise significantly unless it breaks above this resistance level. If it fails to do so, it will likely trade sideways.
On October 1, Solana reached a peak of $24.50 before the uptrend came to an end. Since September 28, the altcoin has been moving in a positive direction.
Hot Take: Solana’s Price Shows Signs of Recovery
The recent price action of Solana suggests that it may be on the path to recovery. After hitting a low, the cryptocurrency is showing signs of upward momentum. However, it still faces resistance at certain levels. If it manages to break through these levels, it could experience further gains. On the other hand, if it fails to overcome the resistance, it may trade sideways for a while. Overall, Solana’s future price movement will depend on how it performs against these key levels of resistance and support.
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