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Since reaching a resistance level of $188, the price of Solana (SOL) has been on a decline. The altcoin has fallen back above the moving averages. It is currently unclear whether the selling pressure will continue to be in the negative zone.
Long-term Outlook for Solana’s Price: Bullish
According to Coinidol.com’s price analysis, if the bears break below the moving averages, the altcoin could fall to the next support level at $140. If the price of Solana remains above the 21-day SMA support, the current uptrend is likely to resume. The cryptocurrency would rise and reach its previous highs again. Breaking through $188 would propel the altcoin past the upper resistance level of $210. Meanwhile, as of the time of writing, the SOL/USD exchange rate stands at $169.
Solana Price Indicator Analysis
The price of the cryptocurrency has fallen back above the moving averages. If the price bars remain above the moving averages, the uptrend is likely to continue. Currently, bullish candlesticks have appeared as the altcoin remains above the 21-day SMA. However, if the price bars stay below the moving averages, Solana could see a decline.
Technical Indicators
Major supply zones: $200, $220, $240
Key demand areas: $120, $100, $80
What’s Next for Solana?
On the 4-hour chart, Solana has broken below the moving averages. Since the altcoin still holds above the $160 support level, its selling pressure has eased. If the bears break below the current support, the cryptocurrency could further decline to a low of $140. In the meantime, the altcoin continues to hover above the current support level of $160.
Sentiment: Neutral
See also
