Solana’s Uptrend Continues As It Challenges The $155 Barrier

The price of Solana (SOL) is rallying and breaking above the 21-day SMA. The bullish momentum has taken a pause as buyers try to keep the price above the 50-day SMA.

Long-term forecast for the Solana price: ranging

The uptrend will start once the 50-day SMA is breached. Currently, buyers have the upper hand at the 50-day SMA. This means that Solana will rise to its previous high of $190. 

$190 is a resistance level that has not been breached since May 20, as reported before by Coinidol.com. If the altcoin fails to hold its recent high, it will fall below the 50-day SMA resistance. Meanwhile, the altcoin is valued at $154 and is trading between the moving average lines.

Analysis of the SOL price indicator

Solana is rising below the 50-day SMA high but above the 21-day SMA support. The price bars are bounded by the moving average lines. On the 4-hour chart, the moving average lines are horizontal. The price bars are dominated by doji candlesticks, which slow down the price movement.

Technical indicators

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

Major demand zones: $120, $100, $80 

What is the next move for Solana?

Solana is showing positive momentum as it has broken above the 21-day SMA resistance. An upside move for the altcoin seems unlikely as it has stalled below the 50-day SMA. Moreover, the Doji candlesticks are slowing down the price action. This will result in the cryptocurrency continuing its movement within a certain range. 

In the meantime, the price has remained stable below the resistance.

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.