Solana Slumps Below $230 As Selling Pressure Returns

Cryptocurrency analysts of Coinidol.com report, Solana (SOL) has been trading above the 21-day SMA support since January 27.

Solana long term price forecast: fluctuating 

The bulls have defended the 21-day SMA support and saved the altcoin from a decline. The cryptocurrency will rally if the 21-day SMA support holds. Solana may rise and regain the overhead resistance if the level of $260 is reached.

However, the bears broke below the 21-day SMA support and the downside momentum extends to the low of the 50-day SMA. The break below the moving average lines pushed the altcoin to the 1.618 Fibonacci extension or $192.76. Today SOL is worth $205.

Analysis of the Solana price indicator 

The price bars extend slightly above the moving average lines. SOL will continue the selling pressure as the 21-day SMA is breached.

Technical indicators

Key supply zones: $220, $240, $260

Key demand zones: $140, $120, $100

What is the next development for Solana?

On the 4-hour chart, Solana is below the moving average lines on the decline. The altcoin has moved below the moving average lines but above the $230 support level. 

The price indicator predicts that Solana will fall above the $192 support. Currently, the price action is being delayed by the presence of doji candlesticks.

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.