The price of Solana (SOL) has held above the $110 support at the bottom of the chart.
Long-term forecast for the Solana price: bearish
After rejecting the $140 barrier on March 25, the cryptocurrency dropped below the 21-day SMA support.
However, the uptrend will resume if buyers push the price above the moving average lines. The $120 support has been breached by the bearish momentum.
On the downside, Solana will fall to $100 if the bears break the $110 support. The downtrend will continue until the price drops to $80.
However, the price indicator predicts a further decline to the Fibonacci extension level of $1.618 or $109.28. Solana is currently worth $107.
Analysis of the Solana price indicator
The moving average lines have a horizontal slope at the bottom of the chart. The price bars are bouncing below the moving average lines. A decline is indicated by a bearish crossover of the moving average lines on both charts.
Technical indicators
Key supply zones: $220, $240, $260
Key demand zones: $140, $120, $100
What’s next for Solana?
Solana has retraced to the key support at $110, indicating that the price has reached bearish exhaustion. As the price action was halted above the crucial support, the bulls have continuously defended it.
On the downside, the presence of doji candlesticks makes it unlikely for the cryptocurrency to fall further.
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-bounces-off/