Breaking Down the Bearish Trend of Solana (SOL)
If you’re keeping an eye on Solana (SOL) this year, you’ll notice it’s currently stuck in a sideways pattern, signaling a bearish trend. This article will break down the long-term price prediction, analysis of price indicators, and what the next move for Solana looks like in the crypto market.
Long-term Price Prediction: Ranging
– On August 8, Solana was caught between two moving average lines before facing a recent decline.
– Bulls struggled to maintain momentum above the 21-day SMA, resulting in a downtrend.
– A range-bound movement is expected if the altcoin retraces and finds support above $126.
– Previous price range was between $126 and $190, currently valued at $139.
Analysis of Solana’s Price Indicator
– Price bars are now below moving average lines, moving slower with dominant Doji candlesticks.
– Solana’s price is marginally trading and near the $126 low.
Technical Indicators
– Major supply zones: $200, $220, $240
– Major demand zones: $120, $100, $80Â
What’s Next for Solana?
– Solana continues its sideways trend, holding above the $140 support level.
– On the 4-hour chart, the price is stuck between $130 and $150, with immobile price movements due to Doji candlesticks.
– Expect stability in the coming days for Solana.
Hot Take: Stay Tuned for Solana’s Price Movement
Keep an eye on Solana’s price movement as it remains bearish in a sideways trend, with potential for stability in the short term. This information can help you make informed decisions when considering Solana in your crypto portfolio.
By
By
By
By