The price of Solana (SOL) indicates a new uptrend
The price of the cryptocurrency Solana has recently risen above the moving average lines, signaling the start of a new uptrend. Previously, Solana’s price was trapped between the moving averages before experiencing a rise. It reached a peak of $110 and then retested $107 before beginning its upward movement.
Currently, the cryptocurrency price has broken through the overhead resistance at $107 but has fallen back above the $107 support level. If this support holds, the uptrend is expected to continue and reach the previous high of $126. There is potential for further positive momentum up to $135. However, if the price falls below the moving average lines, Solana could revisit its previous low of $92.
Analysis of the Solana price indicator
The price bars for Solana have risen above the moving average lines, indicating a new uptrend towards previous highs. Once the overhead resistance is broken, there will be a shift in upward momentum. On the 4-hour chart, a bullish crossover has occurred.
Technical indicators
Important supply zones: $80, $90, $100
Important demand zones: $60, $50, $40
What is next for Solana?
Currently, Solana is in an uptrend according to the 4-hour chart. The cryptocurrency has broken through the overhead resistance at $107 but has fallen back above the $107 support level. It is currently consolidating above this support. If the support holds, the uptrend will resume and reach the previous high. However, if it loses this support level, the value of Solana may decline.
According to a previous report, the price movement of Solana is likely to be limited by the doji candlesticks, indicating a pause in the price decline. The altcoin was hovering above the $95 support level, suggesting a temporary halt in the downward movement.
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