Solana Fluctuates In A Range And Retests The Low At $180

The price of Solana (SOL) fell to the expected support of $177 on Dec. 22. The bulls bought the dips and continued their upward correction.

Solana price long term forecast: bearish

On December 25, the uptrend was halted at the $200 level. Solana is falling towards its existing support at $180. Should the bears break the current support at $180, the market would fall to a low of $155. However, if the buyers break above $200 and sustain the price above the 21-day SMA, Solana will rally to its high of $260. In the meantime, Solana is trading below the $200 resistance level but is still valued at $196.

Solana price indicator analysis

The price bars are below the 21-day SMA but above the current support level of $180. The moving average lines have crossed in a bearish pattern, indicating that the cryptocurrency is trending lower. On the 4-hour chart, the price bars are above the moving averages. However, the uptrend is being held back by resistance at $200.

Technical indicators

Key resistance levels $220, $240, $260

Key support levels $140, $120, $100

What is the next move for Solana?

Solana is bearish, but selling pressure has eased as the altcoin has started to move in a range between $175 and $200. SOL is falling as it faces rejection at a high of $200. The altcoin is on track to regain its previous low of $175. If the current support is broken, SOL will fall even lower to $155.

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.