The price of Solana (SOL) has dropped to the bottom of its chart, continuing its sideways pattern. Price analysis by Coinidol.com.
Long-term Solana price forecast: ranging
Since April 13, Solana has been trading above the $120 support and below the $190 resistance. The lower price range is now the main focus of the price change. On September 1, the altcoin fell to a low of $122 before resuming consolidation above the current support.
If the current support holds, the cryptocurrency will resume its uptrend. Buyers will try to keep the price above the moving average lines or the $160 resistance level. In contrast, Solana will fall to its previous low of $109, which would cause it to lose the existing support. Meanwhile, Solana is valued at $132.
Analysis of Solana price indicators
Solana’s price bars are below the horizontal moving average lines. The altcoin is expected to fall as the price bars are below the moving average lines. Moreover, the moving average lines are showing a bearish crossover, but the decline has slowed down. However, the market has entered an oversold condition as the price of the cryptocurrency remains above the current support.
Technical indicators
Key supply zones: $200, $220, $240
Key demand zones: $120, $100, $80
What’s the next move for Solana?
The price of Solana has fallen as it consolidates above current support. The price of the cryptocurrency is rising as it resumes its sideways trend. The uptrend is hitting an initial resistance at the high of $134. Solana is trading above the current support level but below the $134 barrier. The upside correction will begin when buyers break through the initial resistance at $134.
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.
