Solana Will Fall Further As Rejection At $21 Looms

Aug 28, 2023 at 11:09 // Price
Coin Idol
Solana will continue to move within its range

Cryptocurrency price analysis brought by The price of Solana (SOL) has moved in a range after falling on August 17.

Solana long-term price forecast: bearish

The price of the cryptocurrency moved between $19 and $22. Three times buyers unsuccessfully tried to keep the price above the peak of $22. The upside is currently capped below the $21 high. On the downside, the bears are putting pressure on the current support level. If the bears break the current support, Solana will fall to a low of $16. At the time of writing, SOL /USD is trading at $20.47.

Solana price indicator analysis

Solana is deteriorating to level 39 on the 14-period relative strength index. The altcoin is facing another price slide and is currently in the downtrend zone. As long as there are price bars below the moving average lines, the negative movement will accelerate. The cryptocurrency has bearish momentum below the 50 level of the daily stochastic. The market is likely to go down. 

SOLUSD_(Daily Chart) – AUG. 27.23.jpg

Technical Indicators

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

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

What is the next move for Solana?

Solana has been range-bound since August 17. The cryptocurrency is between the moving average lines on the 4-hour chart. This indicates that the coin will continue to move within its range. If the bears manage to break the current support, the downtrend will continue.

SOLUSD_ (4 Hour Chart) – AUG.27.23.jpg

As we reported on August 21, At the time of writing, Solana (SOL) is trading at $21. The price indication suggested that the cryptocurrency would continue to fall. 

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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