The price of Solana (SOL) has fallen below the moving average lines after hitting a high of $206 recently.
Long-term SOL price prediction: bearish
The cryptocurrency fell to $156 before recovering. Buyers were unable to sustain the uptrend above $200. Now, buyers are trying to reclaim the 50-day SMA support by pushing the price above it.
However, the downward momentum is expected to continue. Solana will fall if it turns away from the 50-day SMA and drops below the current support level of $156. The altcoin will crash and regain its previous low of $145. Solana price today is $162.
Solana price indicator analysis
After the recent decline, the price of the cryptocurrency has fallen below the horizontal moving average lines. On the 4-hour chart, the price bars are below the downward moving average lines, indicating a bearish trend.
Technical indicators
Key supply zones: $220, $240, $260
Key demand zones: $140, $120, $100
What is the next move for Solana?
Solana price has paused above the $156 support but remain below the $168 high and the 21-day SMA barrier.
Currently, the upside is hitting a first resistance at the $164 high. The altcoin will fall if it loses its current support at $156.
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.Â
