Solana Pauses Over $95 As It Continues Sideways

Feb 06, 2024 at 10:27 // Price
Coin Idol
Solana value remains in the overbought area of the market

The price of Solana (SOL) is falling steadily but is trapped between the moving average lines.

Solana price long term forecast: bearish

Since the cryptocurrency's decline, it has been trading above the $84 support but below the moving average. On January 30, buyers held the price above the moving average lines but were rejected at the $107 high. As a result, the cryptocurrency value has fallen again but is now between the moving average lines. The cryptocurrency tends to fluctuate between the moving average lines. However, if the bears break above the 50-day SMA, the cryptocurrency will fall to its previous low of $84. In the meantime, the price of Solana is trading at $95 at this writing.

Solana price indicator analysis

The price of Solana has fallen between the moving average lines after being rejected at the high of $107. The implication is that the cryptocurrency will be forced to trade sideways between the moving average lines. In the meantime, the moving average lines are sloping horizontally due to the sideways trend. The cryptocurrency value remains in the overbought area of the market.

SOLUSD_(Daily Chart) – FEB.04.24.jpg

Technical indicators

Key Resistance levels: $80, $90, $100

Key Support levels: $60, $50, $40 

What is the next move for Solana?

Solana drops below the moving average lines. The price movement is characterised by doji candlesticks. Moreover, the price movement is likely to be limited by the doji candlesticks. The altcoin is currently hovering above the $95 support, indicating that the price decline has paused.

SOLUSD_(4-Hour Chart) – FEB. 4.24.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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