The price of Solana (SOL) has risen to a high of $206 after breaking above the $184 resistance level.
As the altcoin fell from its recent high, the uptrend came to a halt.
Solana price long-term prediction: bullish
The altcoin has retraced and paused above the breakout level of $184, which coincides with the 21-day SMA support. Solana is currently trading above the 21-day SMA support but below the $210 high. Should the buyers break above the $210 barrier, the cryptocurrency would rise to a high of $272.
On the other hand, if the bears break below the 21-day SMA support, the cryptocurrency would fall to a low of $159.
Meanwhile, the altcoin is holding above the moving average lines, indicating a possible further rise. Solana is now at $185.
SOL price indicators analysis
The horizontal moving average lines are sloping upwards and indicate the current trend. The SOL price is holding above the 21-day SMA support, signalling a possible uptrend. The price bars are below the moving averages, indicating a recent decline. The altcoin will fall as long as it is in the bearish trend zone.
Technical indicators
Key supply zones: $220, $240, $260
Key demand zones: $140, $120, $100
What is the next move for Solana?
Solana is trading above the 21-day SMA support as the altcoin prepares for its next move. The altcoin will rise to test and break through the current barrier. However, the altcoin risks will fall if the 21-day SMA support on the daily chart is broken. In the meantime, the price of the cryptocurrency hangs above the $180 level.
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-holds-above-180/