Solana’s (SOL) upward correction is running into resistance at the 21-day SMA. Price analysis by Coinidol.com.
Long-term forecast for Solana price: bearish
Solana (SOL) prices have rebounded after hitting a low of $115 on April 13, 2024. Bulls bought the dips and the altcoin found support above the breakout price of $126.
The altcoin was in an upward correction last week trading below the moving average lines but above the $126 support level.
If buyers keep the price above the moving average lines, SOL will reach its previous high of $210. However, the altcoin will invalidate the bullish scenario by falling to an area below the recent high. Solana is now worth $156.24.
Analysis of the Solana price indicator
The price bars on the 4-hour chart are above the moving average lines, reflecting the recent rally in the market. Solana’s upward movement is hindered as it is in the bearish trend zone. Doji candlesticks are limiting and delaying price fluctuations.
Technical indicators
Key supply zones: $100, $120, $140
Key demand zones: $80, $60, $40
What is the next move for Solana?
Solana is trading above the breakout level of $126. In its first upward correction after the plunge, the altcoin has encountered resistance at $159. The altcoin will fall and stay within its trading range, waiting for the timing of a possible breakout.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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.
