The price of Solana (SOL) has risen above the moving average lines and reached a high of $168.
Solana price long-term prediction: bullish
On June 28, as Coinidol.com wrote, the uptrend broke above the 21-day SMA. The price of the cryptocurrency was below the 50-day SMA for a week, but above the 21-day SMA support.
On July 9, Solana started its uptrend and broke through the 50-day SMA to reach a high of $168. The uptrend stalled at $168. On July 10, buyers were unable to sustain their bullish momentum above the $168 high, resulting in a drop below the moving average lines.
Today, the cryptocurrency price is testing the same resistance level and trying to regain its upward momentum. A breakout above $168 will send the altcoin to a high of $180. In the meantime, the altcoin is oscillating below its previous high.
Analysing the SOL price indicators
On July 9, the price bars for Solana rallied above the horizontal moving average lines. The altcoin is poised to continue its uptrend to previous highs. The uptrend on the 4-hour chart is indicated by upward sloping moving average lines. The 21-day SMA serves as a support line above the 50-day SMA.
Technical indicators
Key supply zones: $220, $240, $260
Key demand zones: $140, $120, $100
What is the next move for Solana?
Solana is currently trading in the bullish trend zone. The bullish momentum has paused below the $165 level. On the 4-hour chart, the cryptocurrency price is trading above the 21-day SMA support but below the $165 high. The price of the cryptocurrency is gradually approaching the moving average lines.
The bullish move will continue if the altcoin retraces and finds support above the moving average lines. Otherwise, the altcoin will fall to its previous low.
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 CoinIdol.com. Readers should do their research before investing in funds.
