The price of Solana (SOL) has broken above the moving average lines and is approaching the next resistance level at $140.
SOL price long-term prediction: bullish
The 50-day SMA was breached at the recent high after several retries.
On the upside, the price of the cryptocurrency will rise to a high of $181 if buyers break the resistance at $140.
On the downside, the altcoin will fall and pull back above the moving average lines if SOL breaks down from the $140 high.
Solana will be forced into a range-bound move if it pulls back and stays above the moving average lines. Accorrding to the price analysis by Coinidol.com, Solana will enter the downtrend zone if the downtrend breaks below the moving average lines. SOL is now worth $134.58.
SOL price indicator analysis
Solana’s price is rising as the price bars are above the moving average lines. Despite the positive momentum above the 21-day and 50-day SMAs, the altcoin is encountering early resistance below the $140 high. The extended candlestick wicks at the recent high indicate strong selling pressure. The doji candlesticks are back.
Technical indicators
Key supply zones: $220, $240, $260
Key demand zones: $140, $120, $100
What’s the next move for SOL?
The price of Solana is on the rise. The altcoin is trading below the barrier at $136 on the 4-hour chart, but above the moving average lines. Doji candlesticks appeared and showed long candlesticks at the recent high. The price of the cryptocurrency will rise if the first barrier is broken, otherwise it will fall.
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.
