Solana Pulls Back In The Face Of $184 Peak

The price of Solana (SOL) has recovered and reached the predicted level.

Solana price long-term prediction: bullish

The cryptocurrency rose to a high of $184 before retreating. Solana has reached the overhead resistance level. The extended candlestick wicks are signalling significant selling pressure at the overhead resistance. Should the bulls break through the $180 resistance level, the altcoin could rise to a high of $220.

However, a further upward movement of the coin seems unlikely. On the downside, Solana faces the threat of a decline if it falls below $184.

Currently, the altcoin is trading below its recent high. Solana is worth $179 at the time of writing.

Solana price indicators analysis

Solana price has rallied to the upper resistance zone. The horizontal moving average lines are sloping upwards with the 21-day SMA crossing above the 50-day SMA. The altcoin has reached the overbought zone of the market. Solana prices will fall when sellers emerge in an overbought market.

Technical indicators

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

Key demand zones: $140, $120, $100

What is the next move for Solana?

The price of Solana has started a sideways movement below the overhead resistance zone. The altcoin is trading above the 21-day SMA support level but below the $184 level. There are extended candlestick wicks at the resistance zone, indicating that sellers are present. There is also a long candlestick tail that crosses the 21-day SMA support.

On July 16, the price of Solana resumed its upward trend after falling to a low of $157, as Coinidol.com wrote.

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.