Solana (SOL) price has recovered and moved above its moving average lines.
Solana Long-Term Price Forecast: Optimistic
On July 15, the positive momentum broke through the 50-day SMA and the first barrier at $155. Solana reached a high of $160 but then pulled back and tested the support at $155.
The uptrend will continue if the altcoin pulls back and stays above the $155 support level. The cryptocurrency will reach highs of $175 and $188.
However, Solana will fall and be forced into sideways movement if buyers fail to sustain the bullish momentum above the $160 high. At the time of writing, the altcoin is valued at $155.45.
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 after the recent price increase on July 12. The altcoin is pulling back to the moving average lines. The current uptrend will resume when the pullback remains above the moving average lines. If the altcoin pulls back below the moving average lines, the cryptocurrency will enter a bearish trend.
What are Solana’s next steps?
Solana is currently in an uptrend, with the price breaking the moving average lines on July 12. The crypto asset rose to its current high of $160 before falling sharply. The bulls are now maintaining their bullish momentum above the $155 mark. The previous resistance level was $155, as reported by Coinidol.com on July 10. If the current support level holds, the altcoin will be in a 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 considered an endorsement by CoinIdol.com. Readers should do their own research before investing in funds.