Long-term forecast for the Solana price: bearish
On January 23, Solana fell to a low of $78.99, but the bulls bought the dips. Buyers continue to drive the altcoin even though it remains between the moving average lines.
If the buyers keep the price above the moving averages, the positive trend will resume. The altcoin will rise and return to its previous highs of $110 and $120. Solana will fall if buyers are unable to sustain the bullish momentum above the moving averages. The altcoin will test the previous low of $82. SOL/USD remains trapped between the moving average lines.
Analysis of the Solana price indicator
On the daily chart, the price bars are between the moving average lines but appear to be above them, reports cryptocurrency analysis. The altcoin is expected to continue its uptrend. However, the price movement is being held back by the doji candlesticks.
Technical indicators
Key supply zones: $80, $90, $100
Key demand zones: $60, $50, $40
What is Solana’s next move?
Solana is reaching bearish exhaustion as it remains above the $78 support. On the 4-hour chart, the altcoin rebounded as it broke above the moving averages. The bullish momentum is likely to reach a high of $96. However, the current rise will face resistance near the high of $102.
Hot Take: The Future of Solana’s Price
The long-term forecast for Solana’s price remains bearish as it continues to trade within a range between moving average lines. Buyers have been driving the altcoin, but its ability to sustain a positive trend depends on staying above the moving averages. If this momentum is maintained, Solana could reach previous highs of $110 and $120. However, failure to do so may result in a test of the previous low at $82. Technical indicators show key supply zones at $80, $90, and $100, while key demand zones are at $60, $50, and $40. In the short term, Solana’s price is expected to face resistance near the high of $102 as it rebounds from the support level of $78.
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