Solana Faces Volatility While Testing the $24.50 Resistance Threshold

Solana Long-Term Price Forecast: Bullish

Since September 28, Solana has shown promising movement, indicating a bullish trend. The altcoin’s price peaked at $24.50 on October 1, marking the end of an uptrend. In the past week, Solana fluctuated below the resistance level and rebounded above $22. Despite the recent fluctuations, Solana still has potential for further growth as long as it remains within the uptrend zone. Analysts predict that if the current resistance level is broken, Solana could surge to a high of $28.

However, the inability to surpass the recent high has led Solana to fluctuate below the resistance level. The market is currently overbought near the recent peak, raising concerns of a potential price drop if sellers enter the market. As of now, Solana is trading at $23.38.

Solana Price Indicator Analysis

The price bars for Solana are consistently above the moving average lines, indicating an upward trend. The ascending slope of the moving average lines further confirms the bullish trend. A bullish crossover has occurred, with the 21-day line Simple Moving Average (SMA) crossing above the 50-day line SMA.

Technical Indicators

  • Key Supply Zones: $20, $25, $30
  • Key Demand Zones: $10, $5, $1

What’s Next for Solana?

Solana continues its positive trend above the moving average lines, but buyers must overcome one final hurdle to reach previous highs. If the current resistance level is breached, the price target for Solana is $28. However, it’s essential to note that Solana previously reached $28 on July 14 but faced rejection. Buyers failed to sustain the bullish momentum above the recent high in previous price actions. The ongoing uptrend might reach its previous high today.

On October 2, 2023, cryptocurrency analysts from reported that Solana successfully surpassed the resistance at $20.50 and the 50-day line SMA. The bullish momentum drove the price to a high of $21.82 before encountering resistance.

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