Solana Stays Above $160 As Buyers Recover
The price of Solana (SOL) has fallen since reaching resistance at $188. The altcoin has pulled back above the moving average line. It is unclear whether the selling pressure will continue in negative territory.
Long-term outlook for Solana price: bullish
According to the price Analysis by Coinidol.com, if the bears break below the moving average lines, the altcoin will fall to its next support at $140. If the price of Solana remains above the 21-day SMA support, the current uptrend will resume. The cryptocurrency will rise and reach its previous highs again. A break above $188 would send the altcoin above the upper resistance of $210. In the meantime, the SOL/USD exchange rate stands at $169 at the time of writing.
Analysis of the Solana price indicator
The price of the cryptocurrency has pulled back above the moving average lines. The uptrend will continue if the price bars remain above the moving average lines. Currently, there are bullish candlesticks as the altcoin remains above the 21-day SMA. However, Solana will fall if the price bars remain below the moving average lines.
Technical Indicators
Key supply zones: $200, $220, $240
Key demand zones: $120, $100, $80
What is the next development for Solana?
On the 4-hour chart, Solana is falling below the moving average lines. Selling pressure on the altcoin has eased as it remains above the $160 support. Should the bears break the current support, the cryptocurrency would fall even further to the low of $140. In the meantime, the altcoin continues to linger above the current support at $160.
Disclaimer. This Analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.
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