Solana Reaches Bearish Exhaustion And Rebounds Above $20

Apr 23, 2023 at 10:26 // Price
Coin Idol
Solana is between the moving average lines

The price of Solana (SOL) is falling well below the moving average lines after a sharp rejection at the $26 overhead barrier.

Solana price long-term forecast: bearish

While it rose above the 50-day SMA line, the cryptocurrency's price fell below the moving average lines. Solana is currently trading within the moving average lines for $21.33. On the downside, it is unlikely that the altcoin will fall further. The oversold area of the market is where the price of the coin is currently. The 21-day line SMA will serve as resistance, but the cryptocurrencies price will still rise. SOL will continue to bounce between the moving average lines when it meets the resistance of the 21-day line SMA. However, the cryptocurrency will resume a positive trend when it rises above the 21-day line SMA. At this point, Solana is between the moving average lines. 

Solana price indicator analysis

Solana is at level 44 on the Relative Strength Index for the 14 period. The altcoin has entered the bearish trend zone due to its recent decline. As the bulls have bought the dips, Solana is trading between the moving average lines. This explains why the cryptocurrency has been moving sideways. The cryptocurrency is falling into the oversold zone of the market, which indicates that the selling pressure has peaked. The daily stochastic is currently below the level of 20.

SOLUSD(Daily Chart) Aprill 22.23.jpg

Technical indicators

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

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

What is the next move for Solana?

SOL /USD has fallen dramatically to a low of $20.97. The altcoin has been trading in oversold territory since April 20. The price of the cryptocurrency has reached bearish exhaustion. Solana is ready to increase the growth rate again.

SOLUSD(4 Hour Chart) - April 22.23.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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