Breaking Down the Bearish Trend of Solana (SOL)
If you’re keeping an eye on Solana (SOL) this year, you’ll notice it’s currently stuck in a sideways pattern, signaling a bearish trend. This article will break down the long-term price prediction, analysis of price indicators, and what the next move for Solana looks like in the crypto market.
Long-term Price Prediction: Ranging
- On August 8, Solana was caught between two moving average lines before facing a recent decline.
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- Bulls struggled to maintain momentum above the 21-day SMA, resulting in a downtrend.
- A range-bound movement is expected if the altcoin retraces and finds support above $126.
- Previous price range was between $126 and $190, currently valued at $139.
Analysis of Solana’s Price Indicator
- Price bars are now below moving average lines, moving slower with dominant Doji candlesticks.
- Solana’s price is marginally trading and near the $126 low.
Technical Indicators
- Major supply zones: $200, $220, $240
- Major demand zones: $120, $100, $80
What’s Next for Solana?
- Solana continues its sideways trend, holding above the $140 support level.
- On the 4-hour chart, the price is stuck between $130 and $150, with immobile price movements due to Doji candlesticks.
- Expect stability in the coming days for Solana.
Hot Take: Stay Tuned for Solana’s Price Movement
Keep an eye on Solana’s price movement as it remains bearish in a sideways trend, with potential for stability in the short term. This information can help you make informed decisions when considering Solana in your crypto portfolio.
