Solana Recovers But Selling Pressure Is Present At $140

The price of Solana (SOL) has recovered as buyers have halted the decline above the $120 support. Price analysis by Coinidol.com.

Long-term Solana price forecast: ranging

On September 6, as reported by Coinidol.com, the cryptocurrency fell to the bottom of the chart. The bulls halted the decline above the $120 support level and initiated an upward correction. The cryptocurrency price has risen above the 21-day simple moving average today, but recent highs have rejected it. Should buyers prevail, the bullish momentum will continue to the top of the 50-day SMA or $160.

However, if the altcoin falls below the moving average lines, it will be forced to trade within a limited range. SOL will fall and trade above the current support at $120 but below the moving average lines. Solana is valued at $136 but risks rejection at the 21-day SMA.

Analysis of the Solana price indicator

On the 4-hour chart, Solana's price bars have pushed above the moving average lines after the recent rally. Doji candlesticks are solely responsible for how the price moves.

Technical indicators

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

Key demand zones: $120, $100, $80 

What is the next move for Solana?

Solana is trading in the downtrend zone between the current support level of $120 and the moving average lines. The bulls have failed to sustain their bullish momentum above the 21-day SMA. In the meantime, the altcoin is in a downtrend and is trading within the current price 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.