Solana (SOL) Price Analysis 24-05-2023

Solana (SOL) Price Analysis 24-05-2023

Resumption of the Uptrend is possible as the price has rebounded below $20 support and is still above the 200-day moving average. Our $25–$30 resistance zone objective may be tested again.

In 2023, the price was again rebuffed by that zone of strong resistance. If the price drops below $20, however, the decline will resume, and the downside risk would increase to $15.

Short- and medium-term trends point downward, whereas long-term trends point upward. Since the MACD Line is below the MACD Signal Line and the RSI is below 45, momentum is bearish. The closest support zone was at $20, which it shattered, and then at $15. Pricing in the nearby Resistance Zone begins at $30 and rises to $40.

Siddharth Chaturvedi