The Solana price prediction reveals that SOL is likely to follow the bullish movement if the coin stays above the moving averages.
Solana Price Statistics Data:
- Solana price now – $14.36
- Solana market cap – $5.2 billion
- Solana circulating supply – 366.5 million
- Solana total supply – 536.1 million
- Solana Coinmarketcap ranking – #14
Resistance levels: $30, $32, $34
Support levels: $6, $4, $2
According to the daily chart, SOL/USD could hit the resistance level of $20 in the next positive step. But, can we now say that the difficult period is over for this coin as it tries to create a new trend? Nevertheless, the Solana price is currently trading at $14.36, although the coin touches the daily high of $15 resistance level after crossing above the 9-day and 21-day moving averages, it could probably retest $12 before it rises again.
Solana Price Prediction: SOL/USD May Follow the Upward Movement
At the time of writing, the Solana price is beginning to follow an upward movement. A break above the $15 level could encourage more buyers to increase their entries and could push the price to the resistance levels of $30, $32, and $34. On the downside, if the price breaks toward the lower boundary of the channel, the sell-off could gain traction with the next focus at the support level of $10.
Moreover, if the coin crosses below the lower boundary of the channel, the downside pressure may increase while the next supports could be located at $6, $4, and $2. Meanwhile, the technical indicator Relative Strength Index (14) is moving to cross above the 50-level, indicating bullish signals.
Against Bitcoin, the Solana price is hovering around the 9-day and 21-day moving averages but a daily close above the resistance level of 1000 SAT could encourage the bulls to extend the rally towards 1450 SAT and above. Meanwhile, any bearish close below the lower boundary of the channel could reverse the Solana price direction towards the daily support at 500 SAT.
However, any further bearish movement could take the coin to the support of 250 SAT and below. Therefore, there is a possibility that SOL/USD may continue the bullish trend as the technical indicator Relative Strength Index (14) crosses above the 40-level with the signal line facing up to indicate bullish movement.
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Image and article originally from insidebitcoins.com. Read the original article here.