SOL Price Touches $42 Resistance

The Solana price prediction shows that the SOL price is likely to cross above the 9-day and 21-day moving averages so that it can start the bullish movement.

Solana Prediction Statistics Data:

  • Solana price now – $40.0
  • Solana market cap – $13.6 billion
  • Solana circulating supply – 341.7 million
  • Solana total supply – 511.6 million
  • Solana Coinmarketcap ranking – #9

SOL/USD Market

Key Levels:

Resistance levels: $65, $70, $75

Support levels: $15, $10, $5

SOL/USD is exchanging hands at $40 after touching the daily high at $42 and consolidating within the channel. The market price not staying above the 9-day and 21-day moving averages ruins the long-term technical picture of the coin. Therefore, the Solana price will have to cross above this barrier to guide against the downward pressure.

Solana Price Prediction: What Could Be the Next Direction for Solana?

The Solana price regains back above the 9-day moving average because any further bearish movement towards the south may push the coin to cross below the lower boundary of the channel which could later hit the support levels at $15, $10, and $5. On the upside, a sustained move above the moving averages may create more strength for the bulls, focusing on moving the market to the next resistance levels of $65, $70, and $75 respectively.

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At the moment, the technical indicator Relative Strength Index (14) is likely to cross above the 40-level, which indicates that the market may move to the upside. Looking at the daily chart, there may be a need for support to be formed around $38 and $36 to provide tight protection which could allow the buyers to concentrate on stirring action to the north.

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Against Bitcoin, the SOL price crosses above the 9-day moving average as the buyers may push the price to the upside. Breaking towards the upper boundary of the channel may hit the nearest resistance level of 1400 SAT while the technical indicator Relative Strength Index (14) moves to cross above 40-level.

SOLBTC – Daily Chart

However, if the bulls succeeded in breaking above the 1600 SAT, the SOL price may hit the potential resistance level at 1800 SAT and above. On the contrary, any bearish movement below the lower boundary of the channel could bring the price to the support level of 840 SAT and below.

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