Solana (SOL) price analysis from Coinidol.com indicates that the cryptocurrency has gained momentum after falling below the $22 level.
Now Solana recovered and broke above the 21-day simple moving average.
Solana (SOL) price long-term forecast: bullish
Since August 8, the upward momentum has been stopped near the $25 high. If the current resistance is broken, the cryptocurrency asset will rise to a high of $27.
Solana will be forced to trade in a range between $22 and $25, where resistance is unbroken. At the time of writing, the altcoin is worth $24.68. Meanwhile, the altcoin is trading below the $25 resistance level. The presence of doji candlesticks currently adds uncertainty to the upside.
Solana (SOL) Price Indicator Analysis
The recent upswing has brought the cryptocurrency to a Relative Strength Index of 57 for the period 14. Although the price bars are above the moving average lines, the rise is stopped at the $25 barrier. The bullish momentum has stalled above the Stochastic daily threshold of 25.
Technical Indicators
Key supply zones: $20, $25, $30
Key demand zones: $10, $5, $1
What is the next move for Solana (SOL)?
Solana is in a sideways trend below the resistance level on the 4-hour chart. The price of the altcoin oscillates in a small range between $24 and $25. The price movement is limited by the doji candlesticks to the upside.
Last week we reported that the price of Solana (SOL) has been declining since July 30 and is currently trapped between 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 CoinIdol.com. Readers should do their own research before investing in funds.
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- Source: https://coinidol.com/solana-upward-momentum-stops/
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