Solana Price Collapses, But Holds On For $173

The price of Solana (SOL) has fallen below the 21-day SMA after being rejected twice at the $210 resistance level.

Solana long term price prediction: bullish

The cryptocurrency is likely to fall if it is unable to break above the 21-day SMA. The bullish scenario of breaking the overhead resistance at $259 could become invalid. 

On the downside, Solana will fall above the 50-day SMA or the $156 low if buyers fail to sustain the price above the 21-day SMA. The altcoin will fall further if the selling pressure breaks above the 50-day SMA support. The cryptocurrency will hit a low of $120. Meanwhile, Solana is currently valued at $182.

Solana price indicator analysis

The price of Solana has fallen between the moving average lines, indicating a possible fluctuation and breakdown. The moving averages are trending north regardless of the recent decline. The price of the cryptocurrency is fluctuating on the 4-hour chart, with the price bars between the moving average lines.

Technical indicators

Important supply zones: $100, $120, $140

Important demand zones: $80, $60, $40

What is the next move for Solana?

Solana is in a sideways trend, but it has fallen below the 21-day SMA. In other words, the price of the altcoin is hovering between $160 and $210. The altcoin is trading within its price range. Solana will resume its positive trend if buyers keep the price above the 21-day SMA. However, if Solana falls below the 50-day SMA, selling pressure will resume. The altcoin will drop to a low of $157.

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.