Solana’s Bullish Rise Stops At The $206 Mark

Solana (SOL) continued its uptrend, reaching its previous high of $206 for the third time on August 24.

In the two previous rallies, the price rose to a high of $206 but was pushed back. The altcoin fell below the moving average lines, but the bulls bought the dips.

Solana price long-term prediction: bullish

Today, the cryptocurrency has risen and is retesting the $206 level. If the current high is broken, Solana will rise to the next resistance at $260.

However, it may return to its range of $160 to $206 if the altcoin falls below its recent high.

SOL price indicators analysis

The crypto price bars have risen well above the horizontal moving average lines. The 21-day SMA is above the 50-day SMA, indicating an uptrend. The extended candlestick wicks pointing above the $206 level indicate significant selling pressure at the recent high.

Technical indicators

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

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

What is the next move for SOL?

On the 4-hour chart, SOL is trading in a narrow range above the $200 support and below the resistance at $206. The altcoin's uptrend will continue if it recovers and breaks above the moving average lines.

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.