The Rising Price of Solana (SOL)
The price of Solana (SOL) has been on an upward trend, climbing back above the 21-day SMA. Let’s dive into the analysis of this growing cryptocurrency.
Long-term Outlook for Solana Price: Positive
• On March 18, Solana experienced a surge, reaching a high of $210, before encountering a sell-off.
• Bulls stepped in to buy the dips, preventing the price from dropping below $160.
• Despite the significant increase, Solana hasn’t managed to sustain itself above the $210 level.
• If the price surpasses the $210 peak, a rally above the $259 resistance level can be expected.
• This would mark a full recovery for Solana from its recent dip and pave the way for further gains towards $267.
• However, failure to break through the $210 mark could result in the cryptocurrency trading within a narrow range, fluctuating around the 21-day SMA and the $160 support level.
Solana Price Analysis
Solana’s price bars have surged above the moving average lines following a recent price rally. Let’s take a closer look at the technical indicators influencing Solana’s price movements.
Technical Indicators
• Key supply zones: $100, $120, $140
• Key demand zones: $80, $60, $40
What to Expect Next for Solana?
• Solana’s price has rebounded above the moving average lines, signaling a bullish momentum.
• However, bulls are facing a challenge at the $210 resistance level.
• Price action may slow down in the presence of doji candlesticks, indicating a potential consolidation in the near future.
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