Solana Price Prediction – July 23
The Solana market valuation is trading sideways with values between $25 and $50. Over the past thirty days of trading, the price has seen a low and a high of $31.06 and $47.10, respectively. !.26% negative happens to be the rate the market is currently trading at.
Solana’s stats (SOL):
SOL price now – $39.81
SOL Market Cap – $13.9 billion
SOL Circulating Supply – 345.8 million
Total supply of SOL – 511.6 million
Coinmarketcap Ranking – #9
Resistance levels: $50, $60, $70
Support Levels: $25, $20, $15
SOL/USD – Daily Chart
The daily chart reveals that Solana’s market valuation is trading sideways between the $25 and $50 value lines. The 50-day SMA indicator is almost above the upper horizontal line drawn on the upper value line. The 14-day SMA indicator is between the upper and lower horizontal lines. Stochastic oscillators crossed the overbought zone to the south to reach a range around 60. This suggests that a downward move is underway in the market at the time of writing.
Has the functioning of the SOL/USD market peaked due to a downside currently?
The Solana’s market valuation is trading sideways against the value of the US dollar. Meanwhile, this likely shows that the price of the crypto has reached a resistance level, warranting a needed correction around the upper $50 horizontal line. Due to this sentiment, long potion takers may need to be patient before placing a buy order as the price is now hovering around the trendline of the 14-day SMA.
On the negative side of the technical analysis, the selling momentum seems to have taken a position thanks to the reading positioning of the stochastic oscillators. The main invalidation resistance for the current slight downward move is around $50. A sudden break in the value line may cause bears in the SOL/USD market to rebuild positions at other higher resistance trading points later on. However, if the market is to decline intensely, the price will likely stabilize tightly towards the $25 support level.
SOL/BTC price analysis
It is still relatively that the Solana the market operation maintains a high level against the trending capacity of Bitcoin. The cryptocurrency pair is trading sideways to imply SMA trendlines. A shorter and longer bullish trend line has drawn below the SMAs to signify the relatively high trading outlook that the price possesses.
The Stochastic Oscillators crossed south from the overbought region, trying to close the lines north below the 40 range point. The indicators suggest somewhat that the base crypto may be in ranges around the SMAs. , associated with the flagship counter-trading crypto.
Follow the latest Solana (SOL) course on CoinCodex.
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