The price of Solana (SOL) is currently in an upward correction after falling to a low of $19 on February 10.
Despite today's rally above the 21-day SMA line, bullish momentum above $24 is rejected. If the initial obstacle is overcome, the cryptocurrency will retarget the next overhead resistance at $26. If the buyers overcome the $26 resistance, further upward momentum will start. On the other hand, the price of the cryptocurrency would fall below the 21-day line SMA if it is rejected at $24. The downward movement will be trapped in the area between the moving average lines. Solana is currently trading at a small premium to the 21-day line SMA.
At the 54 level of the Relative Strength Index for the 14 period, Solana is in the up zone. The price bars are currently above the moving average lines, which indicates that the price of the cryptocurrency could rise. Above the daily stochastic threshold of 40, the altcoin is in positive momentum.
Key supply zones: $60, $80, $100
Key demand zones: $50, $30, $10
Solana is moving up and approaching the $24 resistance level. Since February 15, buyers have struggled to keep the price above the recent high. If the cryptocurrency is rejected at the current high, the market will return to its range-bound movement.
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.