Solana Resumes Its Range above $120

Solana (SOL) has recovered above the November 21 price level of $120. Previously, the crypto fell below the $120 support as bulls bought the dips.

SOL price long-term prediction: ranging

Buyers could not sustain bullish momentum above the 21-day SMA barrier. The cryptocurrency has now returned to its trading range, which is above the $120 support level but below the moving average lines. If buyers keep the price above the moving average lines, it may rise to a high of $170 and the bullish momentum will continue up to the high of $220.

However, if the bearish trend breaks below the current support, Solana would return to its previous low of $103.

Technical indicators

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

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

SOL price indicators analysis

The moving average lines remain horizontal due to the sideways movement above the $120 support. The price bars have encountered resistance from the 21-day SMA. If buyers break above the 21-day SMA, the altcoin’s bullish trend will resume.

On the 4-hour chart, the price bars are above the horizontal moving averages. The altcoin will continue to rise while remaining above the moving average lines.

What is the next move for Solana?

Solana price has recovered above crucial support in preparation for a bullish advance. However, its upward movement faces initial resistance at the high of $130. On the 4-hour chart, the altcoin is trading above the moving average lines but below the $130 resistance level. When the initial barrier is broken, the upward trend will continue. Otherwise, the cryptocurrency will continue to trade within its range above the $120 support.

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.