Selling pressure on Solana (SOL) eased above the $110 support on March 11.
The cryptocurrency was forced to range above the $110 support but below the 21-day SMA barrier or resistance at $140.
SOL price indicator analysis
The SOL price is currently declining after being rejected on the 21-day SMA. The altcoin’s decline has stalled above the $120 support, although it is still trading within the narrow range. Should the $110 support be broken, the currency would fall to its previous low of $109.79. It seems unlikely that the cryptocurrency will fall further if the altcoin reaches its lower price level.
Analysis of the SOL indicator
The bottom of the chart is where the moving average lines are heading downwards. The current downtrend is indicated by a bearish crossover between the moving average lines on the daily chart.
On the 4-hour chart, on the other hand, the sideways trend is shown by the horizontal moving average lines indicating the current trend.
Technical indicators
Key supply zones: $220, $240, $260
Key demand zones: $140, $120, $100
What Is the Next Move for Solana?
Solana’s price is stabilizing at the bottom of the chart, as indicated by the doji candlesticks. Selling pressure has eased as Solana begins a sideways trend above the $110 level but below resistance at $140. The price activity is defined by doji candlesticks, which limit price movement.
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-low-price-110/