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