Solana Pauses Above $130 As It Has Reached Exhaustion

Today, the altcoin has fallen sharply to $135.65 and is heading towards the bottom of the chart.

Solana price long-term prediction: bearish

The price of Solana (SOL) has continued to fall as buyers have failed to sustain the price above the 21-day SMA or resistance at $180. According to the price indicator, the price will fall to the Fibonacci extension level of $1.618 or $117.72.

Solana is currently correcting and pausing above the $130 support. Selling pressure will return if it is rejected at the recent high.

Analysis of SOL price indicators 

According to Coinidol.com, Solana has seen a significant price decline as shown by the price bars below the 21-day and 50-day moving average sloping lines. The rising movements are being held back by the SMA of the 21-day line. The bottom of the chart is indicated by the long candle tails. The bottom of the chart shows significant buying pressure.

Technical indicators

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

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

What is the next move for Solana?

Solana has stopped in its upward correction above the $125 support. The altcoin is trading between the moving average lines of the resistance at $150 and the support at $125. If the bear's breach is below $120, the negative trend will resume to the downside.

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.