The price of Solana (SOL) has fallen further as it is rejected at the $195 barrier.
Solana price long-term prediction: bearishÂ
The altcoin was initially pushed back when it peaked at $209. Today, selling pressure is reaching the 21-day SMA support. If the bears break the 21-day SMA support, Solana will fall to lows of $168 and $165. During the previous downturn, Solana fell to a low of $156 on August 2, as reported by Coinidol.com.
However, if the bearish momentum stops above the 21-day SMA support, the bearish scenario would be invalidated. The cryptocurrency will be forced to move in a range above the 21-day SMA but below the $200 level. At the time of writing, SOL is trading at $180.94
SOL price indicator analysis
The price of the cryptocurrency is pulling back towards the 21-day SMA support after rising above it twice. In other words, the price bars remain above the moving average lines, allowing the altcoin to resume its positive trend. The decline will resume when the price falls below the moving average lines.
On the 4-hour chart (second chart), the price bars are below the moving average lines, indicating a further decline in the cryptocurrency.
Technical indicators
Key supply zones: $220, $240, $260
Key demand zones: $140, $120, $100
What’s the next move for Solana?
Solana prices are falling and approaching the 21-day SMA support on the daily chart. The downtrend will continue if the bears can break below the 21-day SMA support.
The altcoin has fallen to a low of $180. It is approaching the next support level of $173. If the previous low is broken, there will be further selling pressure.
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.
Source: https://coinidol.com/solana-sinks-support/