The price of Solana (SOL) is in a sideways trend, but is correcting upwards after a recent decline. Price analysis by Coinidol.com.
Long-term forecast for Solanapice: ranging
On August 5, Solana fell to a low of $109 but recovered. Since May 20, the altcoin has been moving sideways, above $126 and below the barrier at $190. In the last two months, buyers have failed to keep the price above the $190 resistance level. Today, the upward movement began as it attempted to break through the 50-day SMA.
If the buyers sustain the price above the moving averages, Solana will rise to a high of $190. Meanwhile, the altcoin is trading in the overbought zone of the market.
Technical indicators
Key supply zones: $200, $220, $240
Key demand zones: $120, $100, $80
Analysis of the Solana price indicator
After the recent price decline, the price bars are now below the moving average lines. On the 4-hour chart, the cryptocurrency is trapped between two moving average lines. SOL will oscillate between the moving average lines for a few days.
What is the next move for Solana?
After the recent drop, Solana is trading in a limited range of $110 to $155. On the 4-hour chart, the cryptocurrency is rejected at the recent high as Solana maintains its range-bound movement. Once the altcoin breaks through the $155 resistance level, it will resume its uptrend.
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.
