Solana Trades In A Range As It Challenges The High Of $155

Jul 10, 2024 at 10:07 // Price
Coin Idol

The price of Solana (SOL) has improved but remains trapped between the moving average lines. Cryptocurrency price analysis brought by

Solana price long term forecast: bearish

The cryptocurrency has been struggling between the moving average lines to resume the trend. Since June 27, the price of the altcoin has been hovering between $130 and $150. On July 3, buyers tried to hold the price above the 50-day SMA but failed to do so. Solana reached a low of $127 and then recovered. The altcoin is trading above the 21-day SMA support but below the 50-day SMA resistance. The cryptocurrency value will remain range-bound for a few more days. Solana will resume its uptrend once it breaks above the 50-day SMA. It is currently trading at $141.

Solana price indicator analysis

Solana's price bars have returned to the moving average lines. The upside moves have met resistance at the 50-day SMA or the high of $155. The moving average lines have remained horizontal during the sideways trend.

SOLUSD_(Daily Chart) – July 9.24.png

Technical Indicators

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

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

What is the next move for Solana?

Solana continues to be in an upward correction and is rising between the moving average lines. On the daily chart, the price of the cryptocurrency has crossed the 21-day SMA twice but failed to sustain above the 50-day SMA. Today, Solana is rising and reaching the resistance level of $155. A break above the resistance level will propel the altcoin to a high of $188, otherwise, the range bound movement between the moving average lines will continue.

SOLUSD_(4-hour Chart) –July 9.24.png

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 Readers should do their research before investing in funds.

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