The price of Solana (SOL) has recovered and risen above the moving average lines.
Long-term forecast for the Solana price: bullish
On July 15, positive momentum broke through the 50-day SMA and the first barrier of $155. Solana reached a high of $160, but then retraced and tested the $155 support.
The uptrend will continue if the altcoin retraces and stays above the $155 support level. The cryptocurrency value will reach highs of $175 and $188.
However, Solana will fall and be forced into a sideways movement if buyers fail to sustain the bullish momentum above the $160 high. The altcoin is valued at $155.45 at the time of writing.
Technical indicators
Key supply zones: $200, $220, $240
Key demand zones: $120, $100, $80
Solana price indicator analysis
Solana price bars are above the moving average lines following a recent price increase on July 12. The altcoin is retracing to the moving average lines. The present uptrend will resume when the retracement remains above the moving average lines. If the altcoin retraces below the moving average lines, the cryptocurrency will go into a bearish trend.
What is the next move for Solana?
Solana is currently in an uptrend, with the price breaching above the moving average lines on July 12. The cryptocurrency asset rose to its current top price of $160 before plummeting. Bulls are now keeping their bullish momentum above the $155 mark. The previous resistance level was $155, as Coinidol.com reported on July 10. If the current support level is maintained, the altcoin will trend.
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.
