The price of Solana (SOL) has been rising since it entered the positive trend zone.
The price of the cryptocurrency crossed the moving average lines, but remained at the 50-day line SMA. The altcoin has risen to a high of $22.37 today. There is a probability that Solana will continue to rise. The price of SOL could rise to its previous high of $26 if buyers manage to keep it above the 50-day line. However, if buyers fail to keep the price above the 50-day line SMA, the altcoin will fall between the moving average lines. Solana will likely be forced to move between the moving average lines. In the meantime, an upward movement is unlikely as the altcoin approaches the overbought zone. The current trend will be stopped once the altcoin starts to fluctuate below the $23 high.
Solana is in the bullish trend zone of period 14 at the 56 level of the Relative Strength Index. Also, Solana is between the moving average lines, which indicates that the asset is trading in a range. The altcoin is above the daily Stochastic level of 80. The market has reached the overbought area. If sellers appear in the overbought zone, Solana could fall.
Key supply zones: $60, $80, $100
Key demand zones: $50, $30, $10
The cryptocurrency asset is in an uptrend and has reached the overbought area. Bullish momentum has been exhausted as it faces rejection at the $23 high. Solana will fluctuate in a narrow range between $20 and $23 as it faces 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.