Solana Continues Strong Rise And Bounces Back

Apr 17, 2024 at 06:42 // Price
Coin Idol

The price of Solana (SOL) is in a downtrend after failing twice at the $210 threshold. Price analysis by

Long-term forecast for the  Solana price: bearish

The cryptocurrency fell to a low of $115 before recovering. Bearish momentum tested the breakout level before correcting higher. Solana is currently trading above the $130 level and below the moving average lines or resistance at $180.

If the breakout level of support at $126 holds, Solana will be forced to move sideways. However, if the current support levels are undercut, Solana would fall to $78. On the upside, Solana will resume a positive trend if buyers keep the price above the moving average lines or the $180 resistance level. Solana is currently valued at $143.76.

Analysis of Solana price indicators

Following the current downward movement, the price bars are fluctuating below the moving average lines. A long candlestick tail indicates the breakout, suggesting significant buying pressure near the current support. On the 4-hour chart, the 21-day SMA represents the resistance line that limits the cryptocurrency's future upside pressure.

Technical indicators

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

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

SOLUSD_(Daily Chart) – April 16.jpg

What is Solana's next move?

Solana is falling below the moving average lines. Selling pressure has eased as the price of the cryptocurrency has risen above the $126 breakout level. On the 4-hour chart, the price of the altcoin is between $130 and $160. The uptrend is crossed near the $160 high.

SOLUSD_(4-hour Chart) – April 16.jpg

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 Readers should do their research before investing in funds.

Show comments(0 comments)