Solana (SOL) price is trading sideways but correcting higher after recent decline. Price analysis from Coinidol.com.
Long-term prognosis for Solanapis: Varies
Solana fell to a low of $109 on August 5 but recovered. Since May 20, the altcoin has been moving sideways, above $126 and below the $190 barrier. Over the past two months, buyers have failed to hold the price above the $190 resistance level. Today, an upward move began as it attempted to break the 50-day simple moving average.
If buyers hold the price above the moving averages, Solana will rise to a high of $190. Meanwhile, the altcoin is trading in the overbought market zone.
Technical indicators
Key supply zones: $200, $220, $240
Key demand zones: $120, $100, $80
Solana Price Indicator Analysis
After the recent price decline, the price bars are now below the moving average lines. On the 4-hour chart, the cryptocurrency is sandwiched between two moving average lines. SOL will fluctuate between the moving average lines for several days.
What are Solana’s next steps?
Solana is trading in a range-bound position between $110 and $155 after its recent decline. The 4-hour chart shows the cryptocurrency being rejected at its 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 considered an endorsement by CoinIdol.com. Readers should do their own research before investing in funds.
