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Solana Price Prediction for Today, May 31: SOL May Consolidate Below $45 Level

Solana Price Prediction
Solana Price Prediction

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The Solana price prediction is likely to set a bearish run as the Relative Strength Index (14) can attempt to slide below 40-level to face the downside.

Solana Prediction Statistics Data:

  • Solana price now – $45.49
  • Solana market cap – $15.47 billion
  • Solana circulating supply – 339.5 million
  • Solana total supply – 11.6 million
  • Solana Coinmarketcap ranking – #9

SOL/USD Market

Key Levels:

Resistance levels: $75, $80, $85

Support levels: $25, $20, $15

SOL/USD is sliding towards the support level of $45 with a gain of 3.69% at the time of writing. However, the fact that the coin is experiencing a loss, the coin may begin to follow a bearish movement within the channel if the Solana price slides below the lower boundary of the channel, it may likely create another low within the market.

Solana Price Prediction: Solana Not Ready for The Upside

According to the daily chart, the Solana price hovers at $45.59. Crossing above the 9-day and 21-day moving averages could push the price to face the upper boundary of the channel. For the time being, traders may not experience a bullish movement unless the Relative Strength Index (14) crosses above the 40-level. Therefore, the potential resistance levels could be found at $75, $80, and $85 respectively.

At the time of writing, the Solana price is likely to move sideways in the short term, but any bearish movement towards the lower boundary of the channel may bring the coin to the long-term support levels of $25, $20, and $15 respectively.

Against Bitcoin, the Solana price stays at the downside below the 9-day and 21-day moving averages. However, for a trend reversal, there is a need for an increasing volume and resistance to cause an upsurge within the market, if not, the market may move sideways. Now, Solana (SOL) is hovering at 1439 SAT, traders can expect close support at 1000 SAT and below.

SOLBTC – Daily Chart

However, if the buyers push the Solana price above the 9-day and 21-day moving averages, it may likely hit the nearest resistance level at 1600 SAT. Moreover, crossing above the channel may hit the potential resistance at 2000 SAT and above but in the meantime; the technical indicator Relative Strength Index (14) is moving near the oversold region.

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