Solana (SOL) has started its uptrend, holding above the $140 support level and rising above the 21-day SMA barrier.
Solana price long-term prediction: bearish
On the downside, the bears have failed to push the price below the current support level of $140 and the cryptocurrency is heading towards the 50-day SMA barrier.
Solana will reach a high of $180 if the buyers break the 50-day SMA. If the altcoin fails to break the 50-day SMA barrier, it will remain trapped between the moving average lines. Today, the price of the cryptocurrency has reached a high of $154.
SOL price indicators analysis
The price of Solana has risen above the 21-day SMA but remains below the 50-day SMA. This suggests that the altcoin will be forced to execute a range-bound move due to its position between the moving average lines. The altcoin is trending when the 21-day or 50-day SMA is breached. The doji candlesticks have also slowed the price movement.
Technical indicators
Key supply zones: $220, $240, $260
Key demand zones: $140, $120, $100
What is the next move for SOL?
Solana is recovering as it breaks above the 21-day SMA. The price fluctuation has remained within a narrow range. The price of the cryptocurrency has remained trapped at the high of $155.
On the 4-hour chart, the altcoin is trading above $127 but below the $155 barrier. The cryptocurrency price has retreated and stalled above the $150 support. The upward movement hits a first hurdle at the $155 high.
Coinidol.com reported that the possibility of a Solana exchange-traded ETF has become a major topic of conversation this week.Â
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.Â
