Solana Remains Above $108 After Recent Drop

The price of Solana (SOL) continues to rise above the moving average lines. SOL price analysis by Coinidol.com.

Long-term forecast for the Solana price: bullish

The current bullish momentum is being challenged at the high of $120. The altcoin has pulled back above the moving average line. In other words, Solana is currently trading at $108.40. The altcoin's uptrend is expected to continue if it stays above the moving average lines. The cryptocurrency value will rise and test its previous high of $126. Solana prices will continue to rise and reach a high of $135. 

On the other hand, if the price of the cryptocurrency fails to stay above the moving average lines, it will fall to a low of $93. Meanwhile, the price of Solana is hovering above the moving average lines.

Analysis of the Solana price indicator

The price of Solana has pulled back above the moving average lines after the previous dip. The altcoin will continue to rise if the price bars remain above the moving average lines. On the other hand, selling pressure will return if the price falls below the moving average lines. When doji candlesticks are present, price volatility is limited.

Technical indicators

Key supply zones: $100, $120, $140

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

What is the next move for Solana?

The uptrend on the 4-hour chart has ended as the altcoin has dipped below the moving average lines. If buyers fail to sustain the price above the moving average lines, the value of the altcoin could fall further. However, if the altcoin recovers and rises above the moving average lines, the rally will continue. The market will return to its previous high of $126.

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.