The price of Solana (SOL) has remained positive and bounced off its previous high of $210.
Long-term outlook for Solana price: bullish
The bulls have tested and breached the $180 level twice before resuming their uptrend. The uptrend has stalled near the $220 high. If the uptrend continues, Solana will regain its previous high of $259. If the upper resistance of $259 is broken, the cryptocurrency will be trading in a bull market. The altcoin will move completely out of the bear market.Â
Solana could fall from its current high as the market enters the overbought territory. The altcoin will be forced to move sideways above the $180 breakout level but below the $220 barrier, rendering the bullish scenario meaningless.
Analysis of the Solana price indicatorÂ
The moving average lines are sloping upwards in line with the uptrend. On the 4-hour chart, the 21-day SMA is supporting the rising price bars. The bulls have broken the sideways trend by breaking through the resistance at $180. The price could rise further.
Technical indicators
Key supply zones: $200, $220, $240
Key demand zones: $120, $100, $80Â
What is the next move for Solana?
On the 4-hour chart, Solana is in an uptrend with higher highs and higher lows. The price bars are bouncing above the 21-day SMA as they approach the $220 resistance level. Solana will fall if the 21-day SMA support is breached.
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
