Solana Is In A Range But Holding Above The $20 Support Level

Apr 09, 2023 at 10:00 // Price
Coin Idol
The value of Solana has consolidated above the $20 level

The price of Solana (SOL) is bearish, although it is still below the moving average lines.

Solana price long term forecast: bearish

The value of Solana has consolidated above the $20 level. At the time of publication, the altcoin is currently trading at $20.58. The cryptocurrency has barely moved between $20 and $22 since March 25. The price of Solana can continue to rise if it stays above the $22 resistance level. The market will rise until it reaches its previous high of $26. Likewise, the crypto price would fall if the bears drop below the $20 support. Market volatility could reach its previous low of $16. On the other hand, Solana will continue to move within its range if the range boundaries are not breached. In the meantime, the current price action has slowed down due to the Doji candlesticks.

Analysis of the price indicator Solana

According to the Relative Strength Index for the 14 period, Solana is currently at level 47. The altcoin is in a bearish trend zone and is likely to continue declining. The moving average lines are below the price bars, which will cause the altcoin to decline. Below the daily stochastics of 50, the coin is experiencing bearish momentum.

SOLUSD(Daily Chart) - April 8.23.jpg

Technical indicators

Key supply zones: $60, $80, $100

Important demand zones: $50, $30, $10

What is the next move for Solana?

 Although Solana is trading below the moving average lines, it is in a sideways trend. The presence of Doji candlesticks suggests that the cryptocurrency asset is consolidating. Once the price drops below the moving average lines, the altcoin could see further declines.

SOLUSD(4 Hour Chart) - April 8.23.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing in funds.

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