Solana's Price Uptrend Stops At $75 And Threatens To Sink

Dec 18, 2023 at 08:43 // Price
Coin Idol

The price of Solana (SOL) is still within the positive trend zone, even though the upward trend has come to a standstill.

Solana price long term forecast: bullish

On December 8, the current uptrend was interrupted at the high of $75. The bullish momentum reached a high of $77 and $79 on December 9 and 15, respectively, but was rejected. The cryptocurrency traded below the recent high last week in anticipation of an uptrend. Solana will reach a high of $100 if it breaks the previous high. The 21-day SMA support will continue to support the bullish momentum. The current rise will be halted if the bears break above the 21-day SMA support. The price will then drop to a level above $55.

Solana price indicator analysis

Solana's uptrend is still intact and the price is hovering above the 21-day SMA. If the 21-day SMA is breached, the current uptrend will come to an end. The price bars are above the moving average lines, which are rising upwards. The market is also on the verge of becoming overbought.

Technical indicators

Key supply zones: $60, $65, $70

Key demand zones: $30, $25, $20

SOLUSD_(Daily Chart) – DEC.16.jpg

What is the next move for Solana?

Solana is in an uptrend, with prices between $64 and $78. The bulls have retested resistance at $75 in the last 48 hours, but to no avail. The price of the cryptocurrency has retested the two extremes of the range.

SOLUSD_(4-hour Chart) – DEC.16.jpg

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