The price of Solana (SOL), which had peaked at $156.90, is currently declining. The altcoin has stopped above the $140 support.
SOL price long-term prediction: bullish
On the downside, Solana will return to its previous range above the $110 support and below the moving average lines if the altcoin retraces and breaks below the lines. If the altcoin retraces and stays above the moving average lines, the uptrend will resume.
The cryptocurrency will rise to retest the $156 barrier. The asset will rise to a high of $180 if it overcomes the $156 resistance level. At the time of writing, Solan is valued at $149.
Solana price indicator analysis
The price of Solana has pulled back from its recent high, although it is still above the moving average lines. The moving average lines are sloping upwards and a bullish crossover is signalling the rise. The position of the 21-day SMA above the 50-day SMA indicates a positive signal. The price bars on the 4-hour chart, located between the moving average lines, indicate a range-bound move.
Technical indicators
Key supply zones: $220, $240, $260
Key demand zones: $140, $120, $100
What is Solana’s next move?
Solana is still trading above the moving average lines as it was rejected at the last high. The altcoin will continue to rise as long as it stays above the moving average lines. The altcoin is consolidating after the retracement above the $140 level. The indication is positive if the price of the cryptocurrency remains above the mark.
Disclaimer. This analysis and forecast are the personal opinions of the author. They 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.
