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Solana Price Prediction for Today, May 23: SOL Range-bounds; Price May Cross Below $50 Support

Solana Price Prediction
Solana Price Prediction

According to the daily chart, the Solana price prediction shows that SOL may dig dip because of a recent decline in the crypto world.

Solana Prediction Statistics Data:

  • Solana price now – $50.52
  • Solana market cap – $17 billion
  • Solana circulating supply – 339.2 million
  • Solana total supply – 511.6 million
  • Solana Coinmarketcap ranking – #9

SOL/USD Market

Key Levels:

Resistance levels: $80, $85, $90

Support levels: $20, $15, $10

Solana Price Prediction
SOLUSD – Daily Chart

SOL/USD is trading below the 9-day and 21-day moving averages as the coin hovers around $50.52. However, the Solana price could not cross into the positive side but currently consolidating around the support level of $50.

Solana Price Prediction: Where is Solana Price Going Next?

The Solana price is moving sideways, any bearish movement towards the lower boundary of the channel may increase the short-term selling pressure, while the next supports may come around $20, $15, and $10. Meanwhile, any bullish movement above the 9-day and 21-day moving averages may locate the next resistance levels at $80, $85, and $90.

On the positive side, the technical indicators could start a new bullish session if the Relative Strength Index (14) moves above 40-level. It is, however, not clear how long the session will last because, at the time of writing, the market price keeps moving in the range of $50 and $55. Therefore, it is important to watch the resistance and support levels coupled with the movement of other indicators within the daily chart to confirm the next direction that the coin will face.

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SOL/BTC Market: Solana Price Remains at the Downside

Compared with Bitcoin, the market price is moving downward as the coin trades at 1733 SAT below the 9-day and 21-day moving averages. Looking at the daily chart, if the coin can make a cross above this barrier, the bulls may push the price towards the upper boundary of the channel. Nevertheless, if the market drops below the current market value, the next key support may come at 1300 SAT and below.

SOLBTC – Daily Chart

On the bullish side, a possible rise may push the market above the upper boundary of the channel to hit the resistance level of 2200 SAT and above. As revealed by the technical indicator the Relative Strength Index (14), the market is moving sideways as the signal line moves below the 40-level.

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