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Solana Falters On Resumption Of Bearish Rise Below $34

Date:

Oct 29, 2023 at 11:32 // Price

Solana has been moving sideways below the resistance zone

The price of Solana (SOL) maintained its current rise and reached the target price of $33.51. Cryptocurrency price analysis brought by Coinidol.com.

Solana long term price forecast: bullish

According to the price trend, Solana reached a high of $33.92 before declining. In other words, the altcoin has been trading below the $34.00 resistance level since October 25. Further gains for the altcoin are unlikely as the market has reached an overbought zone. Solana reached a high of $32.50 before being pushed back in a similar market action on July 14. The cryptocurrency showed the wick of a long candle after falling sharply above the $26 support. The extended wick of a candlestick signals strong selling pressure at a higher price level. Meanwhile, the price of the cryptocurrency is hovering below the $34 barrier zone.

Solana price indicator analysis

Solana is rising since the price bars are consistently above the moving average lines. Near the resistance zone, the lower time price bars are above the 21-day SMA. The price advance has stalled at the recent high. If the bulls fail to break the resistance zone, Solana could fall below the 21-day SMA.

SOLUSD_(Daily Chart) – OCT. 28.23.jpg

Technical indicators

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

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

What is the next move for Solana?

Solana has experienced bullish exhaustion after retesting the $34 level. The altcoin has been moving sideways below the resistance zone since October 25. The altcoin will crash when sellers appear in the overbought sector of the market.

SOLUSD_ (4 Hour Chart) – OCT.28.23.jpg

On October 15, 2023 cryptocurrency analytics specialists of Coinidol.com stated that the cryptocurrency asset fell below the 21-day simple moving average but remained above the 50-day simple moving average. On October 13, buyers kept the price above the 21-day line SMA, suggesting that the cryptocurrency may be on the upswing. 

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.com. Readers should do their research before investing in funds.

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