Solana’s Margin Remains Narrow As Rejection Looms At $20

Cryptocurrency price analysis brought by Coinidol.com. The price of Solana (SOL) has fallen to the predicted level of $19.68.

Solana long-term price forecast: bearish

On September 1, the altcoin fell to a low of $19.03 before recovering. At the time of writing, Solana is trading at $19.81. The current price level is the historical price level as of May 24. The current price level was held in May, although it experienced resistance at the $22 high. As the altcoin corrects upwards, the existing support is holding.

The altcoin is expected to move between $19 and $22. If buyers keep the price above the moving average lines, Solana will resume its uptrend. The altcoin has been rejected at the current high for the past two weeks. On the negative side, the altcoin will fall to a low of $18.00 if the bulls fail to break the recent high. Meanwhile, the altcoin is correcting upwards.

Solana price indicator analysis

The altcoin is expected to move between $19 and $22. If buyers keep the price above the moving average lines, Solana will resume its uptrend. In the meantime, the altcoin is correcting upwards above level 71 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 has reached the point of bearish exhaustion as it approaches the necessary low of $19. After the price decline on August 17, the downtrend has eased. The price range has now narrowed to $19 to $22. Once the limits of the price range are broken, the price of Solana will move upwards.

As we reported on August 28, the price of the cryptocurrency moved between $19 and $22. Three times buyers unsuccessfully tried to keep the price above the peak of $22. 

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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• Source: https://coinidol.com/solana-margin-remains-narrow/