Solana Falls Below $26 And Continues A Sideways Trend

Jul 24, 2023 at 10:55 // Price
Coin Idol
Solana is currently rising as it returns to previous highs

Cryptocurrency analysts of report, the price of Solana (SOL) is in an uptrend, but has slipped below the upper resistance level of $26.

Solana (SOL) Long-Term Prediction: Bullish

If the cryptocurrency price retraces above the 21-day line SMA, the uptrend could continue. However, if the price falls below the 21-day line SMA, the downward momentum could continue to the low of $19.

If the downtrend continues, Solana will be forced to resume its sideways movement. In other words, the altcoin will trade between $17.50 and $26. At the time of writing, Solana is trading at $24.80. Solana is currently rising as it returns to previous highs. 

Solana (SOL) Price Indicator Analysis

For the period 14, Solana is in an uptrend at the Relative Strength Index 59 level. After the retracement, the price bars remained above the moving average lines. The altcoin is rising above the level of 25 of the daily stochastic. The current uptrend might stop at the $26 level.

Technical Indicators:

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

Key demand zones: $10, $5

SOLUSD(Daily Chart) – July 23.jpg

What is the next step for Solana (SOL)?

If the price falls below the $26 resistance level, the cryptocurrency will likely resume its sideways movement. Solana, on the other hand, is rising as buyers prepare to test the upper resistance at $26. The current upward movement could lead to a rejection of the recent positive trend.

The price prediction on July 17 by indicated that Solana has broken above the $26 overhead resistance, suggesting that the cryptocurrency could continue to rise. If the positive momentum continues, Solana could reach a high of $50 in a long term, however, the price is still bouncing at the level of $24.80.

SOLUSD(4 Hour Chart) – July 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 Readers should do their own research before investing in funds. 

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