Solana Pauses Above $39 And Approaches Overbought Territory

Nov 06, 2023 at 12:42 // Price
Coin Idol
The price indicator has predicted that Solana would continue to rise

Cryptocurrency analysts of report, Solana (SOL) has pulled back above the $39 support level and continues its uptrend.

Solana long term price forecast: bullish

The cryptocurrency's current remarkable run is not over yet as additional buyers are arriving at higher price levels. It is worth noting that an overbought condition in a strongly trending market cannot last. The altcoin is on its way to its previous high of $46.77. Moreover, the price indicator has predicted that the cryptocurrency would continue to rise. On the plus side, if the current barrier is breached, Solana will rise to a high of $62. The altcoin will hit a low of $31 if the support level of $39 is breached. In the meantime, SOL/USD is trading at $40.96.

Solana price indicator analysis

Although the price bars are above the moving average, the altcoin is on the retreat to the downside. If the bears manage to break below the moving average lines within the shorter time frame, the altcoin will fall. As Solana continues its rise, the price bars and moving average lines are pointing north.

SOLUSD_(Daily Chart) – NOV. 5.23.jpg

Technical indicators

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

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

What is the next move for Solana?

Solana continues its spectacular uptrend. Since November 2, the altcoin's pullback has come to an end and buyers have been able to reestablish themselves above the $39 support level. The altcoin has been trading between $39 and $45 for the past four days. If these thresholds are broken, Solana will see an uptrend.

SOLUSD_ (4 Hour Chart) – NOV. 5.23.jpg

As we reported on October 29, according to the price trend, Solana reached a high of $33.92 before declining. In other words, the altcoin has been trading below the $34.00 resistance level since October 25. 

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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