The price of Solana (SOL) has reached a bearish exhaustion. The altcoin hit a low of $161 after surpassing the expected price level.
SOL price long-term prediction: bearish
As the bulls bought the dips, the negative momentum broke below the $180 support. The barrier at $180, the previous support, is under attack from the upside correction. The bullish momentum will continue if the high at $180 is breached. The altcoin’s range will remain between $180 and below the moving average lines.
SOL will resume its uptrend if buyers keep the price above the moving average lines. If the $180 barrier is not breached, selling pressure will return. Solana will then fall further and reach lows of $155 and $147.
Solana price indicator analysis
The 21-day SMA is below the 50-day SMA and the moving average lines are moving south. Support at $160 is where the negative signal ended. The price bars on the 4-hour chart are stuck between the moving average lines.Â
If the 50-day and 21-day SMAs are broken, Solana will initiate a trend reversal.Â
Technical indicatorsÂ
Key supply zones: $220, $240, $260Â
Key demand zones: $140, $120, $100Â
What is the next step for SOL?Â
After the last dip, Solana is currently in an upward correction on the 4-hour chart. The altcoin has broken above the 21-day SMA, indicating an uptrend. The 50-day SMA barrier is getting closer to the cryptocurrency and if the altcoin breaks it, it will move significantly higher. In the meantime, the uptrend encounters its first obstacle at $180.Â
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 Coin Idol. Readers should do their research before investing in funds.
