Solana (SOL) Price Analysis Update
The price of Solana (SOL) has shown signs of improvement but remains stuck between the moving average lines. Here is an analysis of the current situation:
Bearish Long-Term Forecast for Solana Price
• Solana has been struggling to break free from the moving average lines since June 27, with the price oscillating between $130 and $150.
• Buyers attempted to push the price above the 50-day SMA on July 3 but were unsuccessful, leading to a dip to $127 before a partial recovery.
• Currently, the altcoin is trading below the 50-day SMA resistance but above the 21-day SMA support, indicating a period of range-bound trading.
• Solana is expected to resume its upward trend once it breaks above the 50-day SMA, with the current trading price at $141.
Solana Price Indicator Analysis
• Solana’s price bars have recently encountered resistance at the 50-day SMA or the $155 mark, limiting upward movements.
• The moving average lines have remained flat, reflecting the sideways trend in the market.
Key Technical Indicators for Solana Price
• Key supply zones: $200, $220, $240
• Key demand zones: $120, $100, $80
What to Expect Next for Solana?
• Solana is currently navigating an upward correction phase, moving between the moving average lines.
• While the cryptocurrency has crossed the 21-day SMA twice on the daily chart, it has struggled to maintain levels above the 50-day SMA.
• The current resistance level at $155 will be a crucial point – a successful breakthrough could propel Solana to $188, otherwise, sideways trading may persist.
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