Solana Falls Into Oversold Territory At $19

Feb 12, 2023 at 08:20 // Price
Coin Idol
Solana is caught between the moving average lines

The price of Solana (SOL) is falling as it is below the 21-day moving average line.

Solana price long term forecast: bullish

The previous rise has come to an end due to the decline. The last rally was stopped as buyers were unable to maintain their bullish momentum beyond the $26 barrier line. The value of the cryptocurrency recently fell to a low of $19. The price of the currency is currently between the moving average lines. In other words, Solana is above the 50-day line SMA, but below the 21-day line SMA. On the downside, the downtrend will resume if the bears break below the 50-day line SMA. Solana's price will then fall to its previous low of $16.00. Similarly, the cryptocurrency will resume its uptrend if the price crosses the 21-day line SMA. The price of the cryptocurrency will return to its previous high of $26. SOL /USD will be forced to move in an area where the moving average lines do not break.

Solana price indicator analysis

Solana is in the downtrend zone at level 43 of the Relative Strength Index for the period 14. The altcoin can fall even lower. The moving average lines are between the price bars, which forces the coin to move in a range. The oversold area of the market is where Solana has fallen. The daily stochastic is currently below the 20 level, indicating that there is less selling pressure now.

SOLUSD(Daily Chrt) - Februry 11.23.jpg

Technical indicators

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

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

What's next for Solana?

Solana is caught between the moving average lines. It follows that the altcoin will be forced to move in a range between the moving average lines. When the range boundaries are broken, the altcoin will reenter the trend.

SOLUSD(4 Hour Chart) - February 11.23.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.

Show comments(0 comments)