SOL/USD Price Hits $31.1 Low

The Solana price prediction is currently facing a slight decline in the value of 2.73% after being rejected at a $32.4 resistance.

Solana Prediction Statistics Data:

• Solana price now – $31.32
• Solana market cap – $11.2 billion
• Solana circulating supply – 359.3 million
• Solana total supply – 511.6 million
• Solana Coinmarketcap ranking – #10

SOL/USD Market

Key Levels:

Resistance levels: $38, $40, $42

Support levels: $25, $23, $21

SOL/USD is heading towards the south as the price failed to break above the upper boundary of the channel. Looking at the daily chart, Solana (SOL) shows that the price is yet to cross below the 21-day moving average, but the price may need to retreat a little bit before facing the upside.

Solana Price Prediction: SOL May Consolidate within the Channel

The Solana price hovers within the 9-day and 21-day moving averages, should buyers manage to power the market once again and push the coin above the channel; it may likely find resistance levels at $38, $40, and $42. Meanwhile, bulls need to hold the current level of $31.3 to begin an upward movement.

Moreover, if the market experience more drops, it could hit the nearest support at $28 and a further drop towards the lower boundary of the channel could pull the market to the support levels at $25, $23, and $21 respectively. Therefore, the technical indicator Relative Strength Index (14) is likely to cross below the 50-level, suggesting more bearish signals in the nearest term.

When compares with Bitcoin, Solana (SOL) is heading to the south as the price crosses below the 9-day and 21-day moving averages. Therefore, any further bearish movement could bring the coin to the support level of 1350 SAT and below.

According to the Relative Strength Index (14) on the daily chart, it appears that bears are likely to put pressure on the bulls as the signal crosses below the 50-level. Therefore, if the bulls can regroup and halt the downward movement, the Solana price may begin an uptrend, crossing above the upper boundary of the channel could hit the resistance level of 1750 SAT and above.

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