Solana Rises But Faces An Early Obstacle At $162

Jun 10, 2024 at 12:14 // Price
Coin Idol

The price of Solana (SOL) has fallen below the moving average lines but has made a stop at the 50-day SMA.

Long-term forecast for Solana price: bearish

The bears were unable to break above the 50-day SMA as the cryptocurrency reached bearish exhaustion. Further declines in the cryptocurrency are unlikely. The cryptocurrency value has started to move upwards between the moving average lines. The altcoin will resume its uptrend if buyers keep the price above the 21-day SMA.

SOL will rally to the next resistance level of $188. The uptrend will continue to the high of $205. However, if the buyers are unable to sustain the price above the 21-day SMA, the altcoin will continue to move between the moving average lines. Solana is worth $161.42 at the time of writing.

Analysis of Solana price indicators

The price of Solana will fluctuate because it is trapped between the moving average lines. On the 4-hour chart, the price bars are below the moving average lines, indicating a previous decline. The price of the cryptocurrency is returning to the range-bound zone on the upside.

Technical indicators

Important supply zones: $200, $220, $240

Important demand zones: $120, $100, $80

SOLUSD_(Daily Chart) – June 9.jpg

What is the next development for Solana?

On the 4-hour chart, Solana is falling below the moving average lines. Selling pressure has reached bearish exhaustion, with the altcoin hitting a low of $153. Buyers are getting back in as bulls bought the dips at the recent low. The price of the cryptocurrency is expected to rise above the moving average lines but will face initial resistance at the high of $162.

SOLUSD_(4-hour Chart) –June 9.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.

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