Solana Holds Above $110, But Threatens To Fall

The price of Solana (SOL) is falling below the moving average lines but is supported above the 50-day SMA. Price analysis by Coinidol.com.

Long-term forecast for the Solana price: bearish

The rise from February 14 has ended as the altcoin falls below the moving average lines. Later, Solana has fallen between the moving averages. The bears and bulls tried to break out of the moving average but failed. Nonetheless, the altcoin is expected to fall further as selling pressure picks up. At the time of writing, the altcoin has moved up to the level of $111.

On the downside, the altcoin will fall even more if the bears break below the 50-day SMA. The altcoin will depreciate to the lows of $93 and $80.

Analysis of the Solana price indicator

Solana has been trapped between two moving average lines since February 23, 2024. It is assumed that the price movement is confined to the moving average lines. When the price of the altcoin breaks the moving average lines, the trend will start. The 4-hour chart shows a downward moving average, indicating a decline.

Technical Indicators

Important supply zones: $100, $120, $140

Important demand zones: $80, $60, $40

What is the next development for Solana?

On the 4-hour chart, Solana has fallen below the moving average lines. The price of the cryptocurrency shows a pattern of declining lower highs and lower lows. The price rose but was rejected at the high of $104. The recent high has increased selling pressure. The altcoin is expected to fall even further, perhaps to $80.

Disclaimer. This analysis and forecast are the personal opinions of the author and 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