Solana Reaches A New High And Tries To Stay Above $22

Jul 08, 2023 at 10:20 // Price
Coin Idol
Solana has moved into the overbought area of the market

Cryptocurrency analysts of report, Solana (SOL) price is rising as it breaks above the moving average lines.

Solana price long-term forecast: bullish

The crypto price is rising in a series of higher highs and lower lows. At the time of writing, the altcoin is worth $21.50. The uptrend has stalled at the $22 level. The cryptocurrency has been moving sideways since January 14.

The upward movement was hindered by the overhead resistance at $26. Today, the upward movement is limited to a high of $22. Since June 4, buyers have been unable to keep the price above the $22 barrier. However, if Solana meets rejection at the recent high, the altcoin will fall below the moving average lines. The altcoin will fall to the low of $16. On the downside, the cryptocurrency asset will be forced to fluctuate between $16 and $22.

Solana price indicator analysis

Solana rose to 69 today on the Relative Strength Index for the 14 period. However, further gains for the cryptocurrency seem unlikely. As the altcoin has climbed to a high of $22, the price bars are above the moving average lines. The daily stochastic is above the price indicator level of 80, which suggests that the market has reached the overbought zone.

SOLUSD_(Daily Chart) – July 8.23.jpg

Technical indicators

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

Key demand zones: $10, $5, $1

What is the next move for Solana?

Solana has moved into the overbought area of the market. Buyers struggled to break the barrier at $22 in the last 48 hours.  For now, the current uptrend could be rejected at the recent high.

SOLUSD(4 –Hour Chart) – July 8.23.jpg

On Jul 03, 2023, reported that: 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.  

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 Readers should do their own research before investing in funds.

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