Solana (SOL) continues to trade above $128 support but below $180 resistance. Price analysis by Coinidol.com.
Long-term outlook for the Solana price: bearish
The barrier at $180 has stopped the upward movement twice. The cryptocurrency is currently trading below the moving average lines but above the $128 support. The upward movement will start if the buyers sustain the price above the moving average lines or the resistance at $180.
Today, the price of Solana is rising above the current support of $128. Solana prices could fall if the bears break the support level of $128. The altcoin will crash and return to its previous low of $116. Solana is trading at $138 at the time of writing.
Analysis of the Solana price indicators
The cryptocurrency’s price bars are below the moving average lines after the rejection at $180. Therefore, there is a risk of further deterioration for Solana. The altcoin has broken above the current support level of $128. It is uncertain whether cryptocurrency prices will fall further.
Technical indicators
Important supply zones: $200, $220, $240
Important demand zones: $120, $100, $80
What is Solana’s next move?
After its rejection at $175, Solana has made a series of lower highs and lower lows on the 4-hour chart. The altcoin fell to $128 before rebounding. SOL is bouncing as it approaches the $126 breakout level. There is a sideways trend in the crypto signal.
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-rebounds-over/
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