Solana Is On The Move And Is Aiming For The $22 Mark

Sep 20, 2023 at 07:35 // Price
Coin Idol
Solana is in an uptrend

Cryptocurrency price analysis brought by The price of Solana (SOL) is in a bearish trend zone, but correcting upwards.

Solana long term price forecast: bearish

The price of the cryptocurrency has retested the high of $19 since September 15. Buyers have failed to keep the price above the recent high. If the $19 resistance level is broken, Solana will rise above the moving average lines. The positive trend will continue to the high of $22. The altcoin is currently declining and has reached a level of $19.12. For the last five days, the price of the cryptocurrency has been hovering below the resistance level. If the selling pressure picks up again, Solana will fall below its previous low of $17.

Solana price indicator analysis

Solana is still in an upward correction and is approaching the Relative Strength Index 44 level. If the price stays below the moving average lines, the altcoin will fall. If the price bars above the moving average lines, the altcoin will try to rise. The altcoin will rise above the value 60 of the daily stochastic.

SOLUSD_(Daily Chart) – Sept. 18.23.jpg

Technical Indicators

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

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

What is the next move for Solana?

Solana is in an uptrend, but the pace has stalled at the $19 resistance level. There is a probability that the altcoin will rise if it crosses the initial resistance level. The altcoin is considered overbought when it exceeds its previous high.

SOLUSD_ (4 Hour Chart) – Sept.18.23.jpg

Last week reported that if the selling pressure continues, the market will retrace and reach the previous lows of $15.61 and $13.02 again. In the meantime, Solana has completed an upside correction following the Aug. 6 plunge, and a retreating candlestick has tested the 61.8% Fibonacci retracement level. 

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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