The price of Solana (SOL) has been above the moving average lines since April 19.
The crypto price is showing a pattern of higher highs and higher lows above the 21-day SMA.
Solana price long term forecast: bullish
The crypto price is showing a pattern of higher highs and higher lows above the 21-day SMA.
But the uptrend has been halted below the $180 level since May 10, as reported by Coinidol.com. The cryptocurrency is trading above the 21-day SMA but below the $180 level. On May 19, the negative trend was halted by the 21-day SMA. Had the bears succeeded, Solana would have fallen below the 50-day SMA and then to the $120 support.
However, the altcoin is moving towards the $180 level. Solana is likely to hit a high of $210 if buyers push it above $180. Solana is now worth $178.11.
Analysis of SOL price indicators
The cryptocurrency’s price bars have bounced above the 21-day SMA since the rally on April 19. The 21-day SMA breaks above the 50-day SMA, indicating a resumption of the uptrend. The positive signal has held over the past month as the altcoin continued its rise. However, the uptrend could be halted if the bears break above the 21-day SMA support.
Technical indicators
Key supply zones: $220, $240, $260
Key demand zones: $140, $120, $100
What’s the next move for Solana?
Solana is rising as it trades in the uptrend zone. The altcoin is trading in a fairly narrow range below the $180 level. On the 4-hour chart, Solana is trading above the $160 level and below the $180 barrier.
After rejecting the $180 level, the price of the cryptocurrency is currently on the retreat. A decline and the beginning of the sideways movement is indicated by a rebound at the $180 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.
