Solana Reverses Course And Aims For $26 Mark

Jun 05, 2023 at 10:00 // Price
Coin Idol
Solana reverses course

Solana (SOL) price has risen above the moving average lines, indicating an uptrend.

Solana price long-term forecast: bullish

While rising above the moving average lines, the cryptocurrencies price encountered resistance near the $22 high. The market is overbought near the recent high. Further rise of the altcoin is unlikely as the market is moving towards the overbought region. Solana is currently trading for $21.59. The altcoin will rise if the current retracement remains above the moving average lines. Cryptocurrency prices will rise and reach its high of $26 again. However, Solana will fall to its previous low of $20 if the altcoin reverses course and falls below the moving average lines. 

Solana price indicator analysis

The current upward movement at level 56 has caused the Relative Strength Index to rise for the period 14. The current rise in the altcoin is at risk as it is overbought. As long as the price bars are above the moving average lines, Solana will rise. Below the 60 level of the daily stochastic, altcoin is currently in a downtrend.

SOLUSD_(Daily Chart) – June 5.23.jpg

Technical Indicators

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

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

What is the next move for Solana?

Solana is currently trading in the overbought zone of the market. After reaching the overbought area of the market, the altcoin is now on the retreat. The low of $21 is currently supported by Solana. This suggests that the cryptocurrency will continue its uptrend.

SOLUSD_(4 –Hour Chart) – June 5.23.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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