Solana (SOL) value has recovered after falling to a low of $13.02.
Solana value long-term forecast: bearish
The uptrend is encountering resistance at $16. In line with the Stochastic on the every day chart, the excessive at $16 represents an overbought space of the market. If patrons break by way of resistance at $16, Solana will attain a excessive of $22. If Solana is rejected at $16, promoting stress will enhance once more. The cryptocurrency will then fall to its earlier low of $9.00. In the meantime, Solana is buying and selling under the $16.00 resistance degree.
Solana value indicator evaluation
On the Relative Energy Index for the 14 interval, Solana is on the 31 degree. Regardless of the upward correction, altcoin is in oversold territory. Whereas Solana is correcting upwards, the worth bars are under the transferring common strains. Under the every day Stochastic degree of 80, the cryptocurrency is experiencing bearish momentum. Solana is bearish.
Technical Indicators
Key provide zones: $20, $25, $30
Key demand zones: $10, $5, $1
What’s the subsequent transfer for Solana?
Solana is now on the backside of the chart. The altcoin is going through one other decline because it fluctuates between the $13 and $16 value ranges. Solana will regain its bullish momentum if it rises above the present help and breaks the latest excessive. The altcoin will fall again to the earlier low at $9.00 the place it can face rejection on the latest excessive.
Disclaimer. This evaluation and forecast are the non-public opinions of the creator and will not be a advice to purchase or promote cryptocurrency and shouldn’t be considered as an endorsement by CoinIdol. Readers ought to do their very own analysis earlier than investing in funds.