Solana Recovers But Encounters Resistance At $151

The price of Solana (SOL) has fallen below the moving average lines and reached a low of $128 on June 23. The downward momentum extended to the current support level of $122.

Long-term forecast for the Solana price: bearish

On June 24, the cryptocurrency rebounded and surpassed the 21-day SMA. SOL is expected to continue rising and reach the next resistance at the 50-day SMA.

If the cryptocurrency price rises above the 50-day SMA, the uptrend will resume. The altcoin will rise higher and reach the highs of $175 and $188. If the cryptocurrency price fails to break above the moving average lines, the altcoin will be trapped between them. In the meantime, Solana is valued at $147 at the time of writing.

Analysis of the Solana price indicator

Due to the recent market rally, the price bars are now between the moving average lines. SOL is trading above the 21-day SMA but below the 50-day SMA resistance line. To resume the trend, the price of the cryptocurrency will break through one of the moving average lines. The altcoin is gaining value as the price bars on the 4-hour chart remain above the moving average lines.

Technical indicators

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

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

What is the next development for Solana?

On the 4-hour chart, Solana has resumed its uptrend. However, the bullish momentum could face resistance at the $160 high. Currently, the uptrend is encountering early resistance near the $151 high. If SOL fails to break the current high, it will be forced to trade in a range of $130 to $155.

Coinidol.com reported on June 19 that after its rejection at $175, Solana has made a series of lower highs and lower lows on the 4-hour chart. The altcoin fell to $128 before rebounding.  

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.