Solana’s Rebound Above $130 Points To Demand At Lower Prices

The price of Solana (SOL) has fallen below its moving average lines, reaching a low of $133. The altcoin has been trading between $130 and below the moving average lines over the past week.

Long-term outlook for Solana price: bearish

Buyers have been trying to keep the price above the moving average lines but have not been successful. Solana is currently in a downtrend and has reached a low of $138. If the bears break through the current support level of $130, the altcoin will fall even further. The altcoin will fall to a low of $126. 

However, if the current support level of $130 holds, the altcoin will resume its sideways trend. Solana will rise and retest or go above the moving averages.

SOL price analysis

Solana is in a downtrend with the price bars falling below the moving average lines. The altcoin is expected to continue falling as long as it is in the downtrend zone. The moving average lines have formed a bearish crossover, indicating that SOL will continue to fall.

Technical indicators

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

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

What is the next step for Solana?

Solana is trading sideways after the price drop on October 3. The altcoin is trading between $130 and below the moving average lines. The altcoin has been falling since it hit resistance at $150. If the altcoin retraces and stays above the current support level of $130, it will begin its advance within the range.

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.