Solana Is In A Trading Range But Threatens To Fall Below $220

Solana (SOL) price is rising as buyers try to keep it above the 21-day SMA and the $248 level.

SOL price long term forecast: bearish

Since November 27, Solana has failed to rally above the 21-day SMA and the $248 resistance level. The bears are persistent as the cryptocurrency continues to be rejected. If the bulls are successful, Solana will retest its high price of $260. Solana's current price range is between $220 and $248. 

On the downside, if the altcoin is rejected and falls below the $220 support level, Fibonacci analysis will be applied. Solana will fall above the 50-day SMA or below the Fibonacci extension of level 2.0, which is at $185.04. SOL is currently worth $242.

Analysis of SOL price indicators 

Solana is trapped between the moving averages, but buyers are trying to keep the price above the 21-day SMA. On the 4-hour chart, the price bars are above the moving average lines, but the upward trend is hindered by resistance at $248. The sideways trend has now caused the moving average lines to become horizontal.

Technical indicators

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

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

What is the next move for Solana?

Solana has been trading sideways on the 4-hour chart since November 26. The altcoin is trading above the $220 support and $248 resistance. The price bars are moving both below and above the moving average lines. If the rangebound levels are broken, the cryptocurrency will show a trend.

Disclaimer. This analysis and forecast are the personal opinions of the author, 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.