The price of Solana (SOL) has fallen below the moving average lines, although selling pressure has eased above the $180 support. Since Dec. 20, Solana has held above the $180 support but below resistance at the 21-day SMA.
Solana price long term forecast: bearish
Today, Solana is posting gains and approaching the 21-day SMA resistance. If the bullish momentum breaks above the 21-day SMA and 50-day SMA resistances, the altcoin will resume its uptrend. The cryptocurrency will test its previous highs of $240 and $260. Solona will continue its rise above the current support level of $180 if it fails to break above the moving average lines. The current value of Solana is $216.
Solana price indicator analysis
The price bars are lower but retesting the 21-day SMA resistance. A break above the 21-day SMA resistance will take the price to its 50-day SMA high. The uptrend begins when the moving average lines are broken. On the 4-hour chart, the price is above the moving average line. The upward movement could meet resistance at the $220 high.
Technical indicators
Key resistance levels: $220, $240, $260
Key support levels: $140, $120, $100
What is the next development for Solana?
Solana is trading between support at $180 and resistance at $220. Currently, bulls and bears are vying for price control at the 21-day SMA resistance. The future performance of the cryptocurrency will depend on whether it breaks above the moving average lines or falls from its previous high.
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.
