The price of Solana (SOL) has continued to fall since the 5th of June and is still in the downtrend zone.
Long-term Solana price prediction: bearish
Although it is below the moving average lines, the altcoin is trading above the $140 support. On June 10, Solana was pushed back as buyers tried to keep the price above the moving average lines, as reported by Coinidol.com previously.
The altcoin has been pushed back twice from the 21-day SMA barrier, so an upward move is unlikely. If the altcoin remains at the current support level, it will be forced to move in a range above the $140 low and below the $185 resistance.
However, if the current support is breached, Solana would fall further and reach $120 and $110 respectively.
Solana price indicators analysis
The price bars are below the moving average lines, indicating that Solana is trading in the bearish trend zone. As the 21-day SMA is below the 50-day SMA, SOL is expected to fall further. Doji candlesticks are used to indicate the downtrend of the cryptocurrency, which makes the price immovable.
Technical indicators
Key supply zones: $220, $240, $260
Key demand zones: $140, $120, $100
What is the next move for Solana?
Since the 5th of June, Solana has maintained its rise above the $140 support level. The bulls have bought the dips three times and the buyers have defended the support. If the current support holds, the range-bound move will continue.
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.
