Understanding the Current Status of Solana (SOL)
As the price of Solana (SOL) remains in a sideways trend, it is crucial to analyse the recent correction following a decline. Here are the key insights:
Long-term Forecast for Solana: Ranging
Since August 5, Solana experienced a dip to $109 but managed to bounce back. Over the past few months, the altcoin has shown a lateral movement, fluctuating above $126 and below the $190 mark. However, the $190 resistance level has proven to be a tough barrier for buyers to surpass. Despite this, a positive momentum has started building, aiming to break through the 50-day Simple Moving Average (SMA).
Technical Indicators
- Key supply zones: $200, $220, $240
- Key demand zones: $120, $100, $80
Analysis of Solana Price Indicators
Following a recent price dip, the current price bars are positioned below the moving average lines. The 4-hour chart reveals a scenario where SOL is stuck between two moving average lines, indicating a short-term consolidation before a decisive move.
What Lies Ahead for Solana?
Despite the recent downtrend, Solana is currently confined within a price range of $110 to $155. While facing rejection at the $155 threshold, the cryptocurrency remains range-bound on the 4-hour chart. Once it breaks above this resistance level, Solana is poised to resume its upward trajectory.
Hot Take: Your Key Takeaways for Solana’s Future
As you continue to monitor Solana’s price movement, consider these crucial points to guide your investment decisions in the crypto market:
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