Solana Approaches Target Of $80 And Crosses The Hurdle At $68

Solana (SOL) rallied above the 21-day SMA as buyers overcame resistance at $68.13.

Long-term outlook for Solana price: bullish

The uptrend has reached a high of $76.20 and could continue to rise to the expected price target of $80. Solana will continue to rise if the expected price level is reached and broken. On the plus side, Solana is clearly overbought if the forecast price level is reached. If the sellers emerge from the overbought position, the market will be between $57 and $80. 

On the downside, Solana will fall if the bears break below the $57 low or the 21-day SMA support. SOL/USD will first drop to the previous low of $52 or above the 50-day simple moving average.

Analysis of the Solana price indicator

On November 21, the price of Solana declined and found support above the 21-day SMA. The bulls bought the dips as the altcoin bounced back above the 21-day SMA. The positive momentum was maintained above the 21-day SMA as the uptrend entered its second leg.

Technical Indicators

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

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

What is the next step for Solana?

Solana is approaching the planned price of $80. However, SOL could face resistance at the current high at the projected price level. If the bulls break through the $80 level, Solana will rise to the $100 level.

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-approaches-target/