The price of Solana (SOL) has continued its uptrend and returned above the 21-day SMA. Price analysis by Coinidol.com.
Long-term forecast for the Solana price: bullish
On March 18, the altcoin experienced a surge but was sold off at a high of $210. The decline was halted above the $160 mark as bulls bought the dips. The price has not held above the $210 peak despite the sharp rise.
If the price of the cryptocurrency rises above the $210 peak, the altcoin will rally above the upper resistance of $259.
Solana would then have fully recovered from its dip when it entered the bull market. Moreover, the uptrend will continue to the high of $267. However, if buyers fail to break through the $210 mark, the altcoin will be forced to trade in a narrow range. The price of the cryptocurrency will fluctuate above the 21-day SMA or the $160 support, with resistance at $210. Meanwhile, Solana is worth $191.70 at the time of writing.
Solana price indicator analysis
Solana’s price bars have risen above the moving average lines after the recent price rally. The altcoin will continue to rise as long as the price remains above the moving average lines on the 4-hour chart, which are sloping horizontally after the end of the uptrend.
Technical indicators
Important supply zones: $100, $120, $140
Important demand zones: $80, $60, $40
What is Solana’s next move?
The price of Solana has risen after retracing above the moving average lines. The bulls still have an obstacle to overcome as they approach resistance at $210. On the other hand, the price action slows down when doji candlesticks appear.
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 CoinIdol.com. Readers should do their research before investing in funds.
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- Source: https://coinidol.com/solana-takes-up-challenge/
