The price of Solana (SOL) has survived two negative moments as sellers try to push the altcoin below the 21-day simple moving average.
Solana price long term prediction: ranging
Solana is currently gaining value as it bounces above the 21-day simple moving average. At the time of writing, the altcoin had reached a high of $65.
Those who are buying are trying to reclaim the high price of $68. Once buyers break above the $68 resistance, the cryptocurrency value will reach a high of $110. On the other hand, Solana faces a decline if sellers fall below the 21-day SMA. SOL/USD will fall and find support above the $51 low.
In the meantime, bullish momentum is still present as the altcoin trades above the moving average lines.
Analysis of Solana price indicators
Solana is trading sideways, with price bars above the moving average lines. Since November 15, the altcoin has been trading above the 21-day simple moving average but below the $68 resistance level. If the altcoin is rejected at the $68 high, the 21-day SMA is likely to be retested or breached.
Technical indicators
Key supply zones: $60, $65, $70
Key demand zones: $30, $25, $20
What is the next move for Solana?
Solana is in a range after breaking above the initial resistance of $62. The cryptocurrency is expected to return to its high price of $68. Buyers have maintained the sideways trend above the moving average lines since the uptrend ended on November 15. If the resistance at $68 is broken, the altcoin could resume its positive run.
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-breaks-out/
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