Solana Price Prediction for Today, May 24: SOL Price May Hit $40 Low

The Solana price prediction shows that SOL is moving sideways, the coin is likely to dig dip because of a recent decline in the crypto world.

Solana Prediction Statistics Data:

• Solana price now – $48.89
• Solana market cap – $16.2 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

SOL/USD is trading sideways aiming to cross above the 9-day moving average. The Solana price is currently trading at $48.89, falling from the high of $50.50 to head towards the lower boundary of the channel at the time of writing.

Solana Price Prediction: Where is Solana Price Going Next?

The Solana price is currently 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 reach the next resistance at $80, $85, and $90 levels.

On the positive side, the technical indicators could start a new bearish session as the Relative Strength Index (14) moves below the 40-level. It is, however, not clear how long the session will last because, this month, the coin has been following the downtrend. Therefore, it is important to watch the support levels coupled with the movement of other indicators within the daily chart.

SOL/BTC Market: Bears Are Likely to Dominate the Market

Compared with Bitcoin, the market price is moving downward as the coin trades at 1625 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.

However, if the market drops below the current market value, the next key support may come at 1100 SAT and below. On the bullish side, a possible rise may push the market above the upper boundary of the channel to hit the resistance level of 2100 SAT and above. As revealed by the technical indicator the Relative Strength Index (14), the market may continue the sideways movement as the signal line moves below the 40-level.

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