Solana Faces Bullish Exhaustion And Holds Above $145

The price of Solana (SOL) is in solitary confinement after breaking the 21-day SMA barrier.

Solana price long-term prediction: bearish

Since the 28th of June as reported by Coinidol.com, the cryptocurrency has been trading between the moving average lines but has failed to develop a new trend. On the upside, the altcoin is likely to reach the high of $160 or the 50-day SMA.

Today, the price of the cryptocurrency is falling as it approaches the 21-day SMA support. Should the bears break below the 21-day SMA support, the altcoin would drop to a low of $130.54. In the meantime, the SOL price is at $147 but is in between the moving averages.

SOL price indicators analysis

The price of the cryptocurrency is fluctuating between the moving averages. SOL has dropped and is currently bouncing above the 21-SMA support. On the 4-hour chart, the price bars are below the moving average lines, indicating that Solana will continue to fall.

Technical indicators

Key supply zones: $220, $240, $260

Key demand zones: $140, $120, $100

What is the next move for SOL?

Solana is falling as the recent high has acted as a barrier to growth. The altcoin is recovering after hitting a low of $145. The upward correction will hit the barrier of the moving average line.

The cryptocurrency will fall if it deviates from the moving average lines. Once the current support level of $145 is broken, selling pressure will increase again.

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.