Solana Coin Trades Around $150 Level

The price of Solana (SOL) continued its upward trend and overcame the resistance at $126. Price analysis by Coinidol.com,

Long-term forecast for the Solana price: bullish

On March 8, Solana rose to a high of $153 before falling back. Since March 7, the cryptocurrency's price fluctuation has been capped below the $150 peak. Solana has now reached the price of $151.

On the upside, if the bulls break through the $150 barrier, the market has chances of rising to its previous high of $158 or $204. The altcoin will fall if the price of the cryptocurrency drops below the 21-day SMA or the $126 support.

Analysis of the Solana price indicator

On the 4-hour chart, the price bars are close to each other and above the moving averages. This will force the price of the cryptocurrency to break the 21-day SMA. Doji candlesticks have dominated the price action, causing it to remain static.

Technical indicators

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

Key demand zones: $80, $60, $40

What is the next move for Solana?

The current rise will continue if the altcoin retraces and stays above the $126 support or the 21-day SMA. If the price of the cryptocurrency falls below the 21-day SMA, the value of the altcoin will decline.

On March 6, Coinidol.com reported that bullish momentum for Solana coin has reached a high of $137.

Disclaimer. This analysis and forecast are the personal opinions of the author and 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.