The price of Solana (SOL) has continued to rise after breaking above resistance at $160.
Long-term outlook for Solana price: bullish
This is the first time since August 8 that the bulls have risen above the overhead barrier. Over the past two months, as reported by Coinidol.com, the cryptocurrency has been trading in a range of $130 to $160. The bulls have broken through the overhead resistance and reached a high of $173. If the uptrend continues, the altcoin will return to its previous highs of $188 and $194.
SOL is currently facing a first hurdle at a high of $175. As soon as the initial barrier is broken through, the altcoin will rise again. The value of the altcoin currently stands at $172.
Analysis of the Solana price indicators
Solana is in an uptrend with the price bars remaining above the moving average lines. On the 4-hour chart, the moving average lines are sloping north, indicating an uptrend. Despite the upswing, the moving averages on the daily chart have remained horizontal.
Technical indicators
Key supply zones: $200, $220, $240
Key demand zones: $120, $100, $80
What’s next for Solana?
Solana has resumed its uptrend and has risen above the moving average lines. The price bars on the 4-hour chart show an uptrend with higher highs and higher lows. The uptrend has paused at the $175 high. The altcoin has retraced and is fluctuating above $170 and $175 again. Solana will move higher once it surpasses the current levels.
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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