Solana Continues Its Uptrend Above $180

The price of Solana (SOL) has recovered after a two-week consolidation above the moving averages.

Solana price long-term prediction: bullish

The initial uptrend was hampered by resistance at $156. On May 8, the altcoin rose above the 21-day SMA support and rallied to $180. The cryptocurrency has been trading below the $180 high for the past 48 hours after breaking above the initial barrier. 

On the upside, Solana will reach a high of $210 once it overcomes resistance at $180. In the meantime, Solana is trading in a limited range above the $170 level and below the $180 resistance. If the altcoin falls below the 21-day SMA support, the current bullish momentum will come to an end. Today, the value of Solana stands at $179.

SOL price indicator analysis

On May 8, Solana surpassed the 21-day SMA and started an uptrend. Similarly, once the price falls below the 21-day SMA support, the downtrend will begin. Both charts show moving average lines trending upwards, indicating an uptrend.

Technical indicators

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

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

What is the next move for Solana?

Solana has moved out of the downtrend and is continuing its uptrend. On the 4-hour chart, the altcoin is trading near the 21-day SMA support but below the $180 mark. The future uptrend of the coin will be decided once the $180 resistance level is broken.

However, the bullish scenario would be halted if the 21-day SMA is breached.

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.