Solana Outperforms Resistance But Remains Below $22.00 High

Solana Outperforms Resistance But Remains Below $22.00 High

October 2, 2023

The latest price analysis by report, the price of Solana (SOL) has broken above resistance at $20.50, while buyers are targeting the high of $22.

Solana long-term price forecast: bearish

The price of the cryptocurrency has overcome resistance at $20.50 and the 50-day line SMA. The bullish momentum reached a high at $21.82 before encountering resistance. The $22 resistance zone is where the upside is rejected. The market is overbought near the recent high. Solana is currently giving back some of its recent high. If the price moves back above the moving average lines, the current uptrend will resume. The uptrend will continue to the high of $22.30. On the other hand, the altcoin will have to fall and stay in a range if the cryptocurrency price drops below the 50-day line SMA. Today’s retracement sent the altcoin to a low of $21.22.

Solana price indicator analysis

The Relative Strength Index for the 14 period shows Solana trading at 61, indicating an uptrend. The altcoin has the potential to continue its uptrend as long as the price bars are above the moving average lines. The crypto price is currently falling back after crossing the overbought zone. It is below the 80 level of the daily stochastic.

Technical indicators

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

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

What is the next move for Solana?

Solana resumed its uptrend after the cryptocurrency price rose above the moving average lines. The high of $21.82 currently represents resistance for the altcoin. The altcoin is retreating towards the breakout level of $20.50. The market will continue to expand if altcoin maintains its position above the $20.50 support line.

As we reported on September 24, since September 5, resistance at $20.50 has halted the upward movement. Solana experienced resistance on September 21 when it fell above $19 support. 

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 research before investing in funds.

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