The Latest Updates on Solana (SOL) Price Trends
Recently, the price of Solana (SOL) has experienced a downward trend, falling below the 21-day moving average line. This indicates a possible increase in selling pressure in the market, potentially impacting the price of SOL in the near future.
Long-term Outlook on Solana Price: Bearish Trends
As of June 2, SOL dropped below the 21-day SMA, hitting a support level at $161. The bearish momentum seems to be targeting the altcoin to break above the 50-day SMA and the $155 support level. If SOL continues to slide below the moving average lines, it may retest the previous low of $142. Currently, SOL/USD stands at $166, stuck between the moving average lines. A potential rally could occur once the cryptocurrency breaks past one of these moving average barriers.
Analyzing Solana Price Indicators
Solana is currently positioned below the 21-day SMA support level after previously trading above the moving average lines with resistance at $188. The recent drop below the 21-day SMA has contributed to pushing the altcoin’s price lower. The price trend of SOL is characterized by a Doji candlestick, indicating a slowdown in price movement.
Key Technical Indicators for Solana Price
- Key supply zones: $200, $220, $240
- Key demand zones: $120, $100, $80
Future Developments for Solana
Examining the 4-hour chart, Solana is currently moving sideways within a narrow range. The cryptocurrency’s price is fluctuating between $162 and $172, displaying a pattern of doji candlesticks that are keeping the price contained within this range. It is likely that Solana will continue to trade in this range for the upcoming days, exhibiting a lack of significant price movement.
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