Solana (SOL) is currently trading in a negative trend zone between the $150 support and the $170 resistance.
Solana price long-term prediction: bearish
Yesterday, the upward movement ended at the $170 high. The cryptocurrency’s upward trend appears uncertain, as bears sell during minor rallies.
On the downside, if the price falls below the $150 support, selling pressure will increase, and Solana is likely to drop to the next support level at $131. The negative momentum could push the price down to $93.24 at the 2.618 Fibonacci extension level.
Technical indicators:
- Key supply zones: $220, $240, $260
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Key demand zones: $140, $120, $100
Solana price indicator analysis
The moving average lines continue to decline as the cryptocurrency faces ongoing selling pressure. The 21-day SMA is acting as a barrier to further upward movement. On the 4-hour chart, the asset is in a sideways trend. Solana is trading above the $150 support but below the $170 resistance.
What is the next move for Solana?
Solana price are expected to decline further after being rejected at the $170 level. Since November 4, the cryptocurrency has remained range-bound above the $150 support and below the $170 resistance. Solana’s price is expected to fall below the current support level. The decline has started, with a low of $161 at the time of writing.
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.