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Solana (SOL) maintains its upward trajectory, surpassing the 21-day moving average line, as per the price analysis from Coinidol.com.
Long-Term Forecast for Solana: Bullish
On March 18, the altcoin soared but was sold off at the $210 mark. The decline was arrested above the $160 threshold as buyers capitalized on lower prices. Despite a significant rally, the price did not hold above the $210 peak.
Should the cryptocurrency’s price break above the $210 peak, the altcoin is poised to bounce back to the resistance level beyond $259.
Entering a bull market, Solana is set to fully recover from its slump. Moreover, the uptrend is expected to persist to a high of $267. However, if buyers fail to breach the crucial $210 barrier, the altcoin may be confined to a narrow trading range. The cryptocurrency’s price is likely to oscillate above the 21-day moving average or the $160 support, with a resistance at $210. At the time of writing, Solana is valued at $191.70.
Analysis of Solana’s Price Indicators
Following the recent price surge, Solana’s price bars have risen above the moving averages. As long as the price remains above the moving averages on the 4-hour candlestick chart (which levels off after the uptrend), the altcoin is expected to continue its ascent.
Technical Indicators
Key supply zones: $100, $120, $140
Key demand zones: $80, $60, $40
What’s Next for Solana?
Solana’s price has seen an uptick after retreating to above the moving average line. There remains a hurdle to overcome as bulls approach the $210 resistance level. On the other hand, the price movement tends to slow down when a doji candlestick appears.
Sentiment: Positive
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