Solana Continues Its Slide And Approaches The Low Of $175 Again

Cryptocurrency price analysis brought by Coinidol.com. The price of Solana (SOL) has fallen below the moving average lines.

Solana price long term forecast: bearish

The cryptocurrency was previously trapped between the moving average lines. On January 3, buyers tried to hold the price above the 50-day SMA but were rejected twice, leading to this decline. On the downside, the bears broke below the 21-day SMA and hit a low of $194. Bearish momentum is likely to hit a low of $175. On Dec. 20, sellers drove Solana to a low of $175, but the bulls bought the dips. The cryptocurrency value has slipped into the downtrend zone with the bears trying to retest the December 2024 price level. If the bulls can hold the $175 support, the altcoin will resume its uptrend. However, if the cryptocurrency loses the $175 support, the market will fall to the low of $165. Solana costs $191 at the time of writing.

Analysis of the Solana price indicator 

After the decline on January 8, the price bars are now below the moving average lines. Bulls and bears continue to battle as the altcoin pulls back from its $189 low. The moving average lines are trending downwards, indicating a downturn. The 21-day SMA is below the 50-day SMA, indicating a downtrend.

Technical indicators

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

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

What is the next move for Solana?

Solana drops below the moving average lines. The cryptocurrency has fallen from a high of $260. The altcoin has slipped with a succession of lower highs and lower lows. The decline has paused above the $191 level and altcoin is consolidating above the current support. Should the bears break the $191 support, selling pressure will pick up again.

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.