Solana (SOL) price have fallen below the moving average lines after being rejected at the $200 level.
SOL price long-term prediction: bearish
The negative trend has broken below both the moving average lines and the current support level of $170. The cryptocurrency has reached a low of $151.
However, the price indicator suggests that the altcoin will continue to decline. SOL is expected to break below the current support level of $170 and fall as low as $130. A retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that Solana will fall to the 2.618 Fibonacci extension, or the $93.24 low.
Technical indicators
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Key supply zones: $220, $240, $260 -
Key demand zones: $140, $120, $100
Solana price indicator analysis
The moving average lines continue to slope lower as the coin declines further. The resistance line for the price bars is the 21-day SMA barrier. The horizontal moving average lines on the 4-hour chart are currently trending downward, indicating a downturn.
What is the next move for Solana?
Solana’s price is currently falling. On the 4-hour chart, the cryptocurrency has dropped below the $150 support. The recent decline has breached the critical support level of $160, which had held since August 2. On the downside, the crypto signal is bearish, with the altcoin sliding to the bottom of the chart.
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.