The price of Solana (SOL) is correcting upwards and remains in a sideways trend. The cryptocurrency has reached a high of $183, but is now falling again.
Price long-term prediction: bullish
During the previous rise, the market reached a high of $194 on July 29. Today, SOL is retreating after reaching $165. Solana will continue to rise if it retraces and stays above the 21-day SMA or the $160 breakout level.
On the downside, the altcoin will fall above $150 if the negative trend breaks below the moving average lines. Meanwhile, the altcoin is trading in a bullish trend zone.
SOL price indicator analysis
The price bars are above the moving average but are rejected at the recent high. The current upswing will be halted if the downtrend falls below the 21-day SMA. Doji candlesticks characterize the price action of Solana.
Technical indicators
Key supply zones: $200, $220, $240
Key demand zones: $120, $100, $80
What Is the Next Move for Solana?
On the 4-hour chart, the altcoin is in an uptrend, but the price action has paused near the $180 barrier. This has caused the crypto to fall below its moving average lines.
However, the decline was halted by the 50-day SMA. The cryptocurrency is trading above the 50-day SMA support but below the 21-day SMA resistance. Solana will rise once these current levels are broken.
Over the past two months, as reported by Coinidol.com, the cryptocurrency has been trading in a range of $130 to $160.
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.
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