The Price of Solana (SOL) is Falling: Long-Term Forecast is Bearish
The price of Solana (SOL) has fallen below the moving average lines, indicating a bearish trend. While the altcoin is currently supported above the 50-day SMA, selling pressure is expected to increase, leading to further price depreciation. At the time of writing, the altcoin is trading at $111.
Analysis of the Solana Price Indicator
Since February 23, 2024, Solana has been trading between two moving average lines. This suggests that the price movement is confined within this range. Once the altcoin breaks out of these moving average lines, a new trend will begin. The 4-hour chart shows a downward moving average, indicating a decline in price.
Technical Indicators
- Important supply zones: $100, $120, $140
- Important demand zones: $80, $60, $40
What’s Next for Solana?
On the 4-hour chart, Solana has fallen below the moving average lines and is exhibiting a pattern of declining lower highs and lower lows. The recent rejection at the high of $104 has increased selling pressure on the altcoin. It is anticipated that Solana will continue to fall, possibly reaching $80.
Hot Take: The Bearish Outlook for Solana
The current price analysis indicates a bearish outlook for Solana (SOL). While it may be supported above the 50-day SMA for now, selling pressure is expected to drive the price further down. With a pattern of declining lower highs and lower lows, it seems likely that Solana will continue its downward trend. As a crypto enthusiast, it’s important to stay informed about these market dynamics and adjust your investment strategy accordingly.
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