Price Movement of Solana (SOL)
The price of Solana (SOL) has been stagnant lately, dropping below its moving averages and touching a low of $130, which is close to its lowest price range. The altcoin seems to be struggling to find direction in the market.
Analysis of SOL Price Indicators
During a recent price rally on August 24, buyers managed to keep the price above the moving average lines for a while. However, they couldn’t sustain the upward momentum, leading to a decline towards the lower price range with a potential low of $120. If SOL manages to find support above this $120 level, the market may start ranging between $120 and $190. But if the bears break the $120 support, Solana could revisit its previous low at $110.
Technical Indicators for SOL
- Key supply zones: $200, $220, $240
- Key demand zones: $120, $100, $80
Current Situation and Analysis
Following the rejection on August 24, the price bars for SOL have dipped below the moving average lines. Both charts show horizontal moving average lines with a bearish crossover, indicating a downtrend. The altcoin is approaching the oversold region of the market, suggesting further downside potential.
Forecast for Solana’s Next Move
Despite the market’s attempts to bounce off the $120 support level since April 12, SOL is facing resistance around the $190 mark. If the current decline is contained above $120, Solana is likely to enter a period of sideways movement within the $120 to $190 range.
By
By
By
By
By