The Latest Update on Solana (SOL) Price Movement?
On June 27, the price of Solana (SOL) experienced a rally, causing it to rise between the moving average lines. In recent days, there has been a tug of war between bulls and bears as they battle over the market’s direction.
Long-term Outlook for Solana Price: Bearish?
- The bears managed to breach the 21-day SMA on June 28, but the bulls swiftly swooped in to buy the dips.
- Currently, Solana has risen above the 21-day SMA support but remains below the 50-day SMA resistance.
- If the bulls succeed in breaking through the 50-day SMA, Solana could potentially rally and test previous highs of $175 and $188.
- However, if the support at the 21-day SMA is broken, Solana’s price may plummet to lows of $122 and $155.
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Analysis of Solana Price Indicators??
- Following the recent rally, Solana’s price bars are once again within the moving averages.
- The cryptocurrency’s price is currently hovering around $147.8.
Technical Indicators?
- Key supply zones: $200, $220, $240
- Key demand zones: $120, $100, $80
What Comes Next for Solana??
- On the 4-hour chart, Solana saw a rally after finding support above $122 and reaching a high of $151.
- The altcoin retraced back above the moving average lines, signaling a potential uptrend.
- The daily chart shows Solana’s price trapped between the moving average lines, awaiting its next move.
