Solana (SOL) price has risen above the $164 barrier twice as the altcoin tries to break out of a sideways trend.
Long-term Solana price forecast: bullish
After a false breakout on October 29, the altcoin rose to a high of $183, according to Coinidol.com price analysis. Solana fell between the moving average lines and was caught by them. On November 6, the altcoin recovered, breaking through resistance and reaching a high of $188.
On the downside, Solana faces another hurdle at $190. If the $190 mark is broken, the altcoin will return to its previous high of $210.
However, if the altcoin falls from its recent high, it will be forced to move sideways. It will trade above the breakout level but below the $190 barrier. Meanwhile, Solana is approaching the $190 barrier, a key resistance level.
Analysis of Solana price indicators
Solana is rising as the cryptocurrency recovers and breaks its 21-day SMA. The price of the cryptocurrency was previously trapped between the moving average lines. The moving average lines are directed upward, indicating the current upward trend. The extended cryptocurrency price candle reaches a high of $190.
Technical indicators
Key supply zones: $200, $220, $240.
Key demand zones: $120, $100, $80.
What will be Solana’s next step?
On the 4-hour chart, Solana is in an uptrend after breaking through the resistance at $164. The altcoin reached a high of $188 and is approaching a high of $190. On July 29, the altcoin failed to clear resistance, reaching a high of $194. The altcoin reached a high of $188 today, but is expected to reach a high of $210.
Disclaimer. This analysis and forecast are the personal opinion of the author. They are not a recommendation to buy or sell cryptocurrency and should not be considered an endorsement by CoinIdol.com. Readers should conduct research before investing in the funds.
