Solana price long term prediction: ranging
The price of Solana (SOL) is currently bouncing above the 21-day simple moving average, indicating that it is gaining value. At the moment, the altcoin has reached a high of $65.
Buyers are attempting to push the cryptocurrency above the resistance level of $68. If successful, Solana’s value could reach a high of $110. However, if sellers manage to break below the 21-day SMA, SOL/USD will experience a decline and find support above the $51 low.
Despite this uncertainty, bullish momentum is still present as Solana continues to trade above the moving average lines.
Analysis of Solana price indicators
Solana has been trading sideways, with price bars above the moving average lines since November 15. The altcoin is currently trading above the 21-day SMA but below the $68 resistance level. If it fails to break above $68, there is a possibility of retesting or breaching the 21-day SMA.
Technical indicators
Key supply zones: $60, $65, $70
Key demand zones: $30, $25, $20
What is the next move for Solana?
Solana is currently in a range after breaking above the initial resistance at $62. Buyers have maintained a sideways trend above the moving average lines since November 15. If they manage to break through the resistance at $68, Solana could resume its positive run.
Hot Take: Solana’s Price Gains Momentum Above Moving Average
The price of Solana (SOL) has shown resilience by bouncing back above the 21-day simple moving average. Buyers are pushing to reclaim the high price of $68, which could lead to a further increase in value. However, if sellers manage to break below the 21-day SMA, Solana may face a decline. Despite this uncertainty, bullish momentum is still present as the altcoin continues to trade above the moving average lines. Technical indicators suggest key supply and demand zones for Solana. Overall, the next move for Solana will depend on whether buyers can break through the resistance level at $68.
By
By
By