The price of Solana (SOL) is trapped between the moving average lines as buyers and sellers continue to compete for the price.
On January 17, buyers tried to hold the price above the 21-day SMA but failed to do so. The altcoin fell and found support above the 50-day SMA. SOL is currently trading at $87. The price of the altcoin is gradually falling as it approaches the 50-day simple moving average. If the price falls below the 50-day moving average, selling pressure will increase again. This will force the altcoin to fall further, to a low of $74.50. Meanwhile, the price of the cryptocurrency remains trapped between the moving average lines.
Solana has spent the last two weeks trading between the moving average lines. In other words, the price bars are trapped between the moving average lines. The altcoin performs when the price bars cross the moving average lines. On the 4-hour chart, the moving average lines are sloping horizontally, indicating a current sideways trend.
Key supply zones: $80, $90, $100
Key demand zones: $60, $50, $40
The next move for Solana is unknown as the price is trapped between the moving average lines. On the 4-hour chart, the price of the altcoin is hovering between $86 and $103. Currently, the altcoin is retesting the current support as the bears are trying to resume the selling pressure.
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 CoinIdol.com. Readers should do their research before investing in funds.