The price of Solana (SOL) has risen above the $164 barrier twice as the altcoin attempts to break out of its sideways trend.
Solana price long term forecast: bullish
According to price analysis by Coinidol.com, after a false breakout on October 29, the altcoin rose to a high of $183. Solana fell between the moving average lines and was caught by them. On November 6, the altcoin recovered, breaking through resistance and reaching a high of $188.
On the plus side, Solana faces another obstacle at $190. If the $190 mark is broken, the altcoin will return to its previous high of $210.
However, if the altcoin falls from its recent high, it will be forced to move sideways. It will trade above the breakout level but below the $190 barrier. Meanwhile, Solana is approaching the $190 barrier, a key resistance level.
Analysis of Solana price indicators
Solana is rising as the cryptocurrency recovers and breaks the 21-day SMA. The crypto price was previously trapped between the moving average lines. The moving average lines are pointing upwards, indicating a current uptrend. The extended candlestick wick of the crypto price points to the high at $190.
Technical indicators
Key supply zones: $200, $220, $240
Key demand zones: $120, $100, $80
What is the next move for Solana?
On the 4-hour chart, Solana is in an uptrend after breaking above resistance at $164. The altcoin has reached a high of $188 and is approaching a high of $190. On July 29, the altcoin failed to break through resistance after reaching a high of $194. Today, the altcoin has reached a high of $188 but is expected to reach a high of $210.
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-faces-critical-challenge/