Solana Slumps to the $80 Critical Support

Solana (SOL) prices surged above the moving average lines, reaching a high of $97.

SOL price long-term prediction: bullish

However, buyers were unable to maintain positive momentum above the $100 level. The price had previously broken above the 21-day and 50-day SMA boundaries during a period of sideways movement. Following the rejection at the recent high, the cryptocurrency price has now fallen but remains above the 50-day SMA.

On the downside, if bearish momentum pushes the price below the moving average lines, Solana could fall to its previous lows of $80 and $75.

However, if the 50-day SMA support holds, the cryptocurrency price may return to previous highs. Meanwhile, the altcoin has resumed its downward trend.

Technical indicators

• 
  Key supply zones: $220, $240, $260

• 
  Key demand zones: $140, $120, $100

SOL price indicators

Solana has declined and is now trading between the 21-day SMA support and the 50-day SMA resistance. The moving average lines remain horizontal, indicating a sideways trend. On the 4-hour chart, the price bars are below the horizontal moving average lines. The price bars have fluctuated both below and above the moving average lines, indicating sideways movement.

What is the next move for Solana?

Solana price continue to trade sideways, above the $80 support but below the $100 resistance level. SOL has depreciated, falling to a low of $88, and the decline may continue.

However, the price action has been marked by Doji candlesticks, causing the altcoin to remain range-bound. Doji candlesticks indicate that traders are uncertain about the market direction.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.