Price Analysis: Solana (SOL) Price Falling After Reaching High
The price of Solana (SOL) has experienced a fall after reaching a high of $126.66. The long-term forecast for Solana’s price remains bullish, with signs indicating that the cryptocurrency will continue to fall. However, if Solana retraces and holds its position above the 21-day SMA, the current rally will resume and the previous high of $126 will be reached again. On the other hand, if the bears break above the 21-day SMA, the current rally will end and the market will likely fall towards the 50-day moving average or low at $73.
Analysis of Solana Price Indicator
Despite the drop below the $100 support level, Solana is still trading above the moving average lines. As long as the price bars remain above the 21-day SMA, the coin is expected to rise. However, on the 4-hour chart, the price bars are currently below the moving average lines, suggesting that Solana will continue to fall.
Technical Indicators
The important supply zones for Solana are $80, $90, and $100, while the important demand zones are $60, $50, and $40.
What’s Next for Solana?
After a pullback, Solana is back in the bullish trend zone. However, it is currently falling below the moving average lines on the 4-hour chart. An upward correction on December 26 suggests that Solana may fall to the 1.618 Fibonacci extension level or $86.05. Previously, Solana reached $100 before falling back to $92 support and has been fluctuating between $92 and $100.
Hot Take: Solana Faces Price Fall After Reaching New High
The price of Solana (SOL) has fallen after reaching a high of $126.66. While there are signs that the cryptocurrency will continue to fall, a retracement and holding above the 21-day SMA could lead to a resumption of the current rally. On the other hand, breaking above the 21-day SMA may end the rally and result in a market fall towards the 50-day moving average or low at $73. Technical indicators suggest that Solana is still trading above moving average lines, but recent price bars indicate a continued fall. The future development of Solana remains uncertain, with potential for further downward movement.
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