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.
Cabel Dioli emerges as a luminary seamlessly blending the roles of crypto analyst, dedicated researcher, and editorial artisan. Within the dynamic expanse of digital currencies, Cabel’s insights resound like finely tuned notes, reaching minds with diverse inquisitiveness. His mastery in unraveling intricate threads of crypto intricacies harmonizes effortlessly with his editorial finesse, transforming complexity into a captivating symphony of comprehension.