Solana Price Declines As It Is Unable To Hold Above The $64 Peak
The price of Solana (SOL) is rising as it approaches the expected price level of $53.40. New price analysis by Coinidol.com.
Solana (SOL) Price Long Term Prediction: Bullish
On November 11, the altcoin exceeded expectations and reached a high of $63.95. The altcoin is currently trading below the $64 barrier. Solana has reached the overbought zone of the market. On the upside, further gains in the cryptocurrency are unlikely.
The price indicator has shown that a reversal of the cryptocurrency at the recent high was likely. Solana will fall to a low of $41 or the 78.6% Fibonacci retracement after being rejected at the recent high. If the altcoin falls and remains above the $41 support level, the crypto asset will be forced to range.
Solana (SOL) Price Indicator Reading
It appears that Solana has reached a bullish exhaustion as the price bars remain above the moving average lines. The cryptocurrency is pulling back towards the moving average lines as the market reaches an overbought condition. The current uptrend will continue as long as the price bars remain above the moving average lines. If the price falls below the moving average lines, the downtrend begins.
Technical Indicators
Key supply zones: $60, $65, $70
Key demand zones: $30, $25, $20
What is the next move for Solana (SOL)?
Solana has reached bullish exhaustion after failing to break through the $64 resistance level. The cryptocurrency is in a downtrend after being rejected at its recent high. The downtrend is expected to continue to the low of $41. If the bears break below the moving average lines, the current rally will come to an end. Moreover, the decline will resume.
On November 9, it was reported that Solana was on its way to its previous high of $46.77.
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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