Solana Moves In Narrow Range, But Holds Above The Low Of $21

May 07, 2023 at 12:17 // Price
Coin Idol
The bears are trying to break the 50-day line SMA

Solana (SOL) price is in a sideways movement but stuck between moving average lines.

Solana price long-term forecast of the price: fluctuation range

The crypto asset has been restricted between $20 and $24 price. Today, Solana is trading at $21.92 at the time of writing. The bears are trying to break the 50-day line SMA. The altcoin will fall and retest the $20 support if the bears are successful. However, the current support has not been breached since March 17. On the upside, the altcoin will regain its upside momentum if buyers keep the price above the 21-day line SMA. In the meantime, the altcoin is trapped between the moving average lines. 

Solana price indicator analysis

On the Relative Strength Index for the 14 period, Solana is at the 48 level. The altcoin is in the downtrend zone and could continue to fall. Currently, the price bars are between the moving average lines, but in a narrow range. The altcoin can move sideways, experience a bounce or fall sharply. Solana has fallen into the oversold area of the market. It is below the 20 level of the daily stochastic.

SOLUSD_(Daily Chart) – May 6.23.jpg

Technical indicators

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

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

What is the next move for Solana?

Currently, Solana is not yet trending as it is stuck between the moving average lines. On the 4-hour chart, the altcoin is trading between the $21 and $24 price levels. The cryptocurrency will develop a trend if these levels are broken. According to the daily stochastic, Solana has reached the oversold area of the market. Selling pressure is likely to subside.

SOLUSD_(4 –Hour Chart) - May 6.23.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.

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