Solana Price Climbs Back To $100 After Recent Low

The price of Solana (SOL) reached the predicted level of $100 on December 22. The altcoin reached a high of $100, but encountered resistance at this level.

Long-term forecast for the Solana price: bullish

The price of the cryptocurrency is currently oscillating below its recent high. Nonetheless, the cryptocurrency value has entered the overbought zone of the market. It is unlikely that the cryptocurrency will continue to rise. If buyers keep the price above $100, the market will reach a high of $120. If the recent high is rejected, Solana will fall above the 21-day SMA or the $75 low. Moreover, the current uptrend will end if the price of the cryptocurrency falls below the 21-day SMA. At the time of writing, Solana is worth $95.80.

Analysis of the Solana price indicators

The moving average lines are trending evenly upwards without price bars below them blocking their path. If the price bars fall below the 21-day and 50-day SMAs, the price of the cryptocurrency will try to fall. Also, the altcoin is in an overbought area. If sellers appear in the overbought sector of the market, the altcoin will fall.

Technical indicators

Key supply zones: $60, $65, $70

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

What is Solana's next move?

On December 22, Solana reached the $100 level before falling back to the $92 support. Over the last 48 hours, the market has fluctuated between $92 and $100. The altcoin is now trading in a range that can be easily broken, causing the cryptocurrency to trend.

Coinidol.com reported previously that on December 8, the uptrend was interrupted at the high of $75. 

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.com. Readers should do their research before investing in funds.