Solana Slides Towards The Breakthrough Level Of $185

The price of Solana (SOL) has risen steadily and has broken through resistance at $185. The breakout came after seven days of volatility below the resistance level.

Long-term forecast for the Solana price: bullish

The cryptocurrency is approaching its expected price of $202. Solana is currently trading at a high of $194, but faces further rejection. On the upside, the altcoin will see a reversal if it reaches a high of $202.

On the downside, the altcoin could fall back above $170 if it is rejected at the overbought level. The upside has hit its first obstacle after retreating to a low of $189. Positive momentum will resume if it holds above the $185 support.

Analysis of the Solana price indicator

The price bars are above the moving average lines and have broken through the resistance at $185. The altcoin will continue to rise as long as the 21-day SMA is not broken. The altcoin is falling as it approaches the overbought level. The uptrend will continue if it retraces and stays above the moving average lines.

Technical indicators

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

Key demand zones: $120, $100, $80 

What is the next move for Solana?

Solana has reached the overbought area of the market. The price of the cryptocurrency has fallen and is approaching the breakout level of $185. The upward movement will start if the cryptocurrency value retraces and holds above the support level of $185; otherwise, selling pressure will set in.

On July 23 Coinidol.com reported that the previous upward momentum was expected to continue to the highs of $188 and $204.  

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.