Solana Recovers In The Face Of Resistance At $20

Cryptocurrency analysts of Coinidol.com report, the price of Solana (SOL) is recovering after rising above the moving average lines on June 30.

Solana price long-term forecast: bullish

Since June 10, the price of the crypto-asset has been declining but fluctuated between $14 and $17. On June 30, the bullish momentum continued to a high of $20.02, although it remained above the moving average lines.

The cryptocurrency price is likely to rise as long as it remains above the moving average lines. At the time of writing, SOL/USD is trading at $19.48. To the upside, Solana will rise and regain previous highs of $22 and $26. However, the uptrend will face early resistance at $20. The bullish scenario will be nullified if the altcoin price declines and falls below the moving average. The altcoin will then return to its previous value at $16 or $14.

Solana price indicator analysis

Solana is at level 61 on the Relative Strength Index for period 14. The altcoin has the potential to rise even further to previous highs. The price bars are above the moving average lines, indicating that the coin will rise. The cryptocurrency asset is now trading above the daily stochastic threshold of 80, and the current positive momentum could be challenged if the market approaches the overbought zone.

Technical indicators

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

Key demand zones: $10, $5, $1 

What is the next step for Solana?

Solana has reached a bullish trend zone. However, the uptrend has reached the overbought area. If sellers appear in the overbought zone, Solana could resume its downtrend. However, if the cryptocurrency price stays above the moving average lines, the uptrend could continue.

On Jun 25, 2023, Coinidol.com reported that: Buyers have been retesting and attempting to break the recent high over the past four days. The current high is in an overbought area, making it difficult for buyers to enter.  

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 own research before investing in funds.