Solana Trades Above $18 As Sellers Signal A Return To The Downtrend

Mar 13, 2023 at 08:13 // Price

Solana value is rising again

Solana (SOL) is trading at a high of $18.84. The cryptocurrency value is rising again as it leaves the negative trend area.

Solana price long term forecast: bearish

The cryptocurrency price will cross the moving average lines and the $20 resistance level if the bullish momentum continues. The recent price rally becomes conceivable if the downtrend reaches the historically significant price level of November 10, 2022. The historical price level is the current support level when the altcoin rises again. The crypto asset, which has fallen to a low of $16, has already been oversold by the market. The price level has stabilized above the $18 support, which is the historical price level from November 22, 2022. The current downtrend will end if the support at $18 is held. The market will rise and once again reach its previous highs of $26. If the historically supported price level is broken, selling pressure will increase again. Solana’s price will then fall even further to $14.

Solana price indicator analysis

Solana fell into the oversold area of the market before it started to rise again. The 14-period relative strength index is currently at 39, with buyers shifting out of oversold territory to push prices higher. The price bars falling below the moving average lines are causing the altcoin to fall.

SOLUSD(Daily Chart) - March 12.23.jpg

Technical indicators

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

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

What is the next move for Solana?

The price of Solana has risen to $18, which is the current price level. On the 4-hour chart, the price of the cryptocurrency has turned upwards and crossed the 21-day line SMA. Solana is trapped between the moving average lines. The altcoin is likely to be forced for a few more days.

SOLUSD(4 Hour Chart) - March 12.23.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.