Solana Price Trapped Between Moving Average Lines
The price of Solana (SOL) is currently stuck between the moving average lines as buyers and sellers struggle for control.
Solana Price Forecast: Fluctuation Zone
On January 17, buyers attempted to hold the price above the 21-day SMA but were unsuccessful. The altcoin dropped and found support above the 50-day SMA. Currently trading at $87, SOL is gradually declining towards the 50-day moving average. If it falls below this level, selling pressure will increase, potentially causing the altcoin to drop further to $74.50. At the moment, Solana’s price remains trapped between the moving average lines.
Solana Price Indicator Analysis
In recent weeks, Solana has been trading within the range of the moving average lines. This means that the price bars are confined between these lines. The altcoin tends to perform when the price bars cross these moving average lines. On the 4-hour chart, the moving average lines are horizontal, indicating a current sideways trend.
Technical Indicators
Key supply zones: $80, $90, $100
Key demand zones: $60, $50, $40
What’s Next for Solana?
The next move for Solana is uncertain as it remains trapped between the moving average lines. On the 4-hour chart, the altcoin’s price is hovering between $86 and $103. It is currently retesting support levels as bears attempt to resume selling pressure.
Hot Take: Solana’s Price Struggle Continues
The price of Solana (SOL) is caught in a battle between buyers and sellers, resulting in a sideways trend. Despite attempts to hold above the 21-day SMA, the altcoin has fallen and is approaching the 50-day moving average. If it breaks below this level, selling pressure could increase, potentially pushing the price lower. Solana’s price remains trapped between the moving average lines, making it uncertain what the next move will be. Traders should keep an eye on key support and resistance levels to gauge potential price movements.
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