Solana Faces Rejection At $16 As He Risks Further Decline

Solana (SOL) price has recovered after falling to a low of $13.02.

Solana price long-term forecast: bearish

The uptrend is encountering resistance at $16. According to the Stochastic on the daily chart, the high at $16 represents an overbought area of the market. If buyers break through resistance at $16, Solana will reach a high of $22. If Solana is rejected at $16, selling pressure will increase again. The cryptocurrency will then fall to its previous low of $9.00. Meanwhile, Solana is trading below the $16.00 resistance level. 

Solana price indicator analysis

On the Relative Strength Index for the 14 period, Solana is at the 31 level. Despite the upward correction, altcoin is in oversold territory. While Solana is correcting upwards, the price bars are below the moving average lines. Below the daily Stochastic level of 80, the cryptocurrency is experiencing bearish momentum. Solana is bearish.

Technical Indicators

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

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

What is the next move for Solana?

Solana is now at the bottom of the chart. The altcoin is facing another decline as it fluctuates between the $13 and $16 price levels. Solana will regain its bullish momentum if it rises above the current support and breaks the recent high. The altcoin will fall back to the previous low at $9.00 where it will face rejection at the recent high.

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.