Solana Continues Its Upward Trend, But Fails At The $190 Barrier

May 23, 2024 at 14:00 // Price
Coin Idol

The price of Solana (SOL) has resumed its upward trend after rising above the moving average lines.

Solana price long term forecast: bullish

Since May 6, the cryptocurrency has been trapped between the moving averages. On May 15, the cryptocurrency rebounded and surpassed the 50-day SMA. The bullish momentum had reached a high of $188 before easing again. The altcoin is hitting resistance at a high of $190.

The altcoin is expected to regain its previous high of $210. However, a break above the barrier at $190 will propel the altcoin to a high of $220. In the meantime, Solana is trading between $170 and $190, with the former being the support level. The altcoin is now worth $179.

Analysis of the Solana price indicator

After the recent breakout, the price bars returned above the moving average lines on May 15. The altcoin is rising above the moving average lines but is encountering resistance near the high of $190. On the daily chart, the 21-day SMA crosses above the 50-day SMA, signaling a bullish crossover. The altcoin is likely to continue its uptrend.

Technical indicators

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

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

SOLUSD_(Daily Chart) – May 22.jpg

What is Solana's next move?

Solana has recovered from its slump and is approaching its previous high of $200. Nevertheless, the altcoin is experiencing a slight retracement above the $170 mark. The retracement has eased above the current support level of $170. If the current support is broken, the altcoin will retrace above the moving averages. Otherwise, the uptrend will continue towards the previous highs.

SOLUSD_(4-hour Chart) –May 22.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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