Solana Oscillates As It Challenges The $24.50 Resistance Level

Oct 09, 2023 at 08:15 // Price
Coin Idol
Solana has a bullish crossover

The latest price analysis by report, the price of Solana (SOL) is currently in the zone of uptrend.

Solana long-term price forecast: bullish

Since September 28, the altcoin has been moving in the right direction. The uptrend has come to an end after peaking at $24.50 on October 1. In the previous week, Solana started to fluctuate below the resistance level and fell back above the $22 level. On the plus side, the altcoin has room for another rise as long as it remains in the uptrend zone. According to price forecasts, the altcoin will rise to a high of $28 if the current resistance level is broken.

However, as Solana is unable to surpass the recent high, it is forced to fluctuate below the resistance level. The market is overbought near the recent high. The value of the cryptocurrency could fall if sellers enter the overbought part of the market. Solana is currently trading at $23.38.

Solana price indicator analysis

The price bars for Solana are above the moving average lines. When the moving average lines are above them, the cryptocurrency asset will try to rise. The increasing slope of the moving average lines indicates an uptrend. The altcoin has a bullish crossover. This indicates a bullish order when the 21-day line SMA crosses above the 50-day line SMA.

SOLUSD_( Daily chart) - OCT.8.23.jpg

Technical indicators

Key supply zones: $20, $25, $30

Key demand zones: $10, $5, $1

What is the next move for Solana?

Solana is trending positive above the moving average lines. Buyers still need to clear one more hurdle to reach the previous highs. The cryptocurrency's price target is $28 if the current resistance level is broken. However, the cryptocurrency reached a high of $28 on July 14 before being rejected. Buyers were unable to sustain the bullish momentum above the recent high in the previous price action. The current uptrend may reach its previous high today.

SOLUSD_ (4 Hour Chart) – OCT.8.23.jpg

On October 2, 2023 cryptocurrency analytics specialists of stated that the price of the cryptocurrency has overcome resistance at $20.50 and the 50-day line SMA. The bullish momentum reached a high at $21.82 before encountering resistance. 

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 Readers should do their research before investing in funds.

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