Solana price collapses, but holds on for $173 😱

The Price Downtrend of Solana (SOL) and Its Future Movement

Solana (SOL) has recently experienced a downward trend as it failed to break above the $210 resistance level and fell below the 21-day SMA. Here is an analysis of its current situation and potential future movements.

Solana Long-Term Price Prediction: Bullish

The future price prediction of Solana remains bullish, but a break above the 21-day SMA is crucial for the altcoin to maintain its upward momentum. Failure to overcome this obstacle could invalidate the bullish scenario of surpassing the $259 resistance level.

If Solana cannot sustain above the 21-day SMA, it is likely to fall towards the $156 low.
A further decline could occur if selling pressure pushes the price below the 50-day SMA, leading to a potential drop to $120.
At the moment, Solana is valued at $182, showcasing its current market standing.

Solana Price Indicator Analysis

The price of Solana is currently fluctuating between the moving average lines, indicating possible volatility and a chance for a breakdown. Despite the recent decline, the moving averages are showing an upward trend. On the 4-hour chart, price bars are oscillating within the moving average bands.

Technical Indicators

Important supply zones: $100, $120, $140
Important demand zones: $80, $60, $40

Future Outlook for Solana

Solana is currently in a sideways trend, with its price ranging between $160 and $210. The altcoin needs to stay above the 21-day SMA to continue its positive trajectory. However, if it falls below the 50-day SMA, selling pressure could intensify, causing the price to drop to around $157.

Hot Take: Solana’s Path Amidst Price Volatility

As the price of Solana struggles to surpass key resistance levels, it is essential for investors to monitor its movements closely. Despite the recent downtrend, the long-term outlook for Solana remains positive if it can maintain key support levels and overcome resistance barriers. Stay informed and vigilant to make informed decisions in the volatile crypto market.