Solana (SOL) Price Analysis: Bullish Long-Term Forecast
The price of Solana (SOL) has been on an upward trend, breaking through the resistance at $126. Here is a detailed analysis of the price movement and indicators for Solana:
Price Movement
On March 8, Solana reached a high of $153 before retracing. Since March 7, the price has been fluctuating below the $150 mark. Currently, it is trading at $151.
- If the bulls manage to break through the $150 barrier, there is a possibility of further rise to previous highs of $158 or even $204.
- If the price drops below the 21-day SMA or the support level at $126, the altcoin will experience a decline.
Price Indicator Analysis
Looking at the 4-hour chart, we can see that the price bars are closely grouped together and above the moving averages. This indicates that the price is likely to break through the 21-day SMA. The dominance of doji candlesticks suggests a lack of clear direction in price action.
Technical Indicators
- Key supply zones: $100, $120, $140
- Key demand zones: $80, $60, $40
Next Move for Solana
The current rise in price will continue if Solana manages to stay above the $126 support level or the 21-day SMA. However, if the price falls below the 21-day SMA, we can expect a decline in value for this altcoin.
Earlier this month, it was reported that Solana’s bullish momentum had reached a high of $137.
Hot Take: Solana Continues to Surge
Solana (SOL) has been showing impressive performance in recent weeks, with the price breaking through key resistance levels. Here are the key takeaways:
- The price of Solana (SOL) has surpassed the $126 resistance level and is currently trading at $151.
- If the bulls manage to break through the $150 barrier, there is potential for further gains to previous highs of $158 or even $204.
- On the other hand, if the price drops below the 21-day SMA or the support level at $126, we can expect a decline in value.
- Technical indicators suggest that the price is likely to break through the 21-day SMA, but doji candlesticks indicate a lack of clear direction in price action.
Overall, Solana (SOL) is currently on a bullish trajectory, but it is important to monitor its movement closely to identify any potential reversals or corrections in the future.
By
By
By
By