Solana Remains Above Its $75 Support Level

The price of Solana (SOL) has declined and is now hovering just above $75.

SOL price long-term prediction: ranging

On April 2, the cryptocurrency fell to a low of $76, but buyers took advantage of the dip. The altcoin has returned to its previous range, remaining above the $75 support and below the moving average lines or the resistance at $100. This is the fifth time Solana has held above its bottom level.

Currently, critical support is intact as the coin begins to move upwards within its sideways trend. On April 1, the moving average lines rejected the bullish momentum. Solana is expected to continue its range-bound movement below the moving average lines for a few days, as indicated by the formation of Doji candlesticks. At the time of writing, Solana was trading at $79.80.

Technical indicators

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

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

Solana price indicator

The cryptocurrency has fallen above the $75 support level but remains below the horizontal moving average lines. The horizontal moving average lines represent the 21-day SMA, which is above the 50-day SMA support. The price is below the downward-sloping moving average lines, indicating a downtrend on the 4-hour chart. The 21-day SMA is below the 50-day SMA, confirming the downward slope.

What is the next move for Solana?

Solana has been trading in the bearish trend zone since 27 March. The asset is currently trading above the $75 support but below the moving average lines or the resistance at $84.

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.