The price of Solana (SOL) fell below the moving average lines but was halted at the 50-day SMS support.
Solana price long term forecast: bearish
The altcoin traded above the 21-day SMA support and below the overhead resistance of $180.
Two rejections at the overhead resistance led to a decline in the cryptocurrency. The price of SOL has retested it in the last 48 hours in an attempt to break below the 50-day SMA. Solana will fall above the $140 level if the bears break the 50-day SMA support or the low of $156.
However, if the 50-day SMA support holds, Solana will reach the previous highs. The cryptocurrency will have to move between the resistance at $180 and the support at $156.
The altcoin continues to rise steadily and reached a high of $156.86 today.
Analysis of the SOL price indicator
The price of the cryptocurrency is trapped above the 50-day SMA support, which the bulls continue to maintain. If the current support holds, the cryptocurrency will rise to the 21-day SMA.
Moreover, the altcoin will be forced to move within a certain range between the moving average lines. On the 4-hour chart, the moving average lines are sloping downwards, indicating a decline.
Technical indicators
Key supply zones: $220, $240, $260
Key demand zones: $140, $120, $100
What is the next move for Solana?
Solana’s price has fallen and stopped above the 50-day SMA support. Both bulls and bears continue to struggle above the 50-day SMA support.
If the bulls hold the current support level, the altcoin will continue its uptrend. In the event that the bears break below the 50-day SMA support, Solana will fall to its previous lows.
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.
