Can Solana Maintain Its Price Above $20? Current SOL Analysis for September 29!

• Solana has broken above the upper boundary of the short-term descending trend channel, initially indicating a slower descent or a more horizontal development.
• The cryptocurrency is forming a rectangle between support at $17.89 and resistance at $30.03. A decisive break above one of these levels would be an indicator of a new direction for the cryptocurrency.
• Today, Solana’s price is $20.31 USD, with a 24-hour trading volume of $269,068,602 USD. Solana has lost 4.25% in value over the last 24 hours.

Solana’s price is attempting to hold above the $20 resistance: What is SOL token’s next price target? Here’s the current price analysis!

Short-Term SOL Analysis

Solana has broken above the upper boundary of the short-term descending trend channel, initially indicating a slower descent or a more horizontal development. The cryptocurrency has broken the inverse head and shoulders formation. A decisive breakout, preferably with increasing volume, is considered the beginning of an uptrend. The cryptocurrency has marginally exceeded the $20.00 resistance. Such a breakout suggests further upside potential. In the short term, SOL is technically considered generally positive.

Medium-Term SOL Analysis

Solana has broken above the upper boundary of the medium to long-term descending trend, initially indicating a slower descent or a more horizontal development. The cryptocurrency is forming a rectangle between support at $17.89 and resistance at $30.03. A decisive break above one of these levels would be an indicator of a new direction for the cryptocurrency. The cryptocurrency is testing the $21.00 resistance. This could lead to a negative reaction, but a decisive break above $21.00 would create a positive signal. The RSI curve is showing an uptrend, which could be an early sign of an uptrend for the price. In the medium term, SOL is technically considered generally slightly negative.

Long-Term SOL Analysis

Solana is within an approximately horizontal trend channel in the long term, indicating that investors are uncertain and waiting for further directional signals. An upward breakout would be a positive signal, while a downward breakout would be a negative signal. The cryptocurrency is moving within a rectangle between support at $17.89 and resistance at $29.73. A decisive break above one of these levels would be an indicator of a new direction for the cryptocurrency.

The cryptocurrency has broken the $27.00 support, indicating further downside potential. In the case of positive reactions, the $27.00 resistance will come into play. The RSI curve is showing an uptrend, which could be an early sign of a potential trend reversal for the price. In the long term, SOL is generally considered slightly negative from a technical perspective.

Solana Price

Today, Solana’s price is $20.31 USD, with a 24-hour trading volume of $269,068,602 USD. Solana has lost 4.25% in value over the last 24 hours. According to the current CoinMarketCap ranking, SOL is ranked 9th with a market cap of $8,385,970,050 USD. There are 412,843,628 SOL tokens in circulation, and the maximum supply is not specified.