The price of Solana (SOL) is falling after reaching a historic high of $260 on November 22. Today, the altcoin has fallen above the 21-day SMA.
Solana price long term forecast: bullish
The uptrend will resume if the altcoin retraces and stays above the 21-day SMA. The cryptocurrency will rise and retest the overhead resistance at $260. The altcoin will rise to $280 if the recent high is broken. If the bears break the 21-day SMA support, the altcoin will drop further to a low above the 50-day SMA.Â
However, a break below the moving average lines would mean a resumption of the decline. The altcoin will fall to support levels above $160. In the meantime, the value of Solana stands at $240.
Analysis of Solana price indicatorsÂ
Solana has resumed selling pressure as it pulls back above the 21-day SMA. The 21-day SMA is the support level where SOL rises. The cryptocurrency will rise and retest the overhead resistance at $260 and may rise to $280 if the most recent high is broken.Â
Should the bears break below the 21-day SMA support, the altcoin will fall further to a low above the 50-day SMA. However, a break below the moving average lines would mean a resumption of the decline. The altcoin will fall to support levels above $160. In the meantime, the value of Solana stands at $229.
Analysis of SOL price indicatorsÂ
Solana has resumed selling pressure as it retraces above the 21-day SMA. The 21-day SMA is the support level where the crypto is rising. The current rise will end if the support level is broken. On the 4-hour chart, the price of the cryptocurrency is below the moving average lines, indicating a downtrend.
Technical indicators
Key supply zones: $200, $220, $240
Key demand zones: $120, $100, $80
What is the next move for Solana?
Solana has fallen below the moving average lines on the 4-hour chart. On the downside, selling pressure will continue until it reaches a low above $220. The price of the cryptocurrency is currently above the $228 supply. Today, a long candlestick tail indicates existing support. This shows strong buying pressure at the current support.
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.
