Solana reaches a high of $160 and begins its upward trend

Solana reaches a high of $160 and begins its upward trend

May 08, 2024 17:15


Solana's (SOL) price is moving positively and above the 21-day moving averges.

Solana long-term forecast: bearish

The crypto is currently above the 21-day SMA, but below the 50 day SMA. The bullish momentum is continuing and is nearing the 50-day SMA, or resistance at $163.

If the price of cryptocurrency goes above the SMA 50-days or the resistance of $163, Solana can rally to its previous highs at $200 and $210. Solana, on the other hand, will be stuck between moving average lines and will be rejected by the 50-day SMA at $163 or the resistance. Solana is expected to fluctuate between $140-$160 until a trend emerges. SOL/USD was $158 when this article was written.

Solana Price Indicator Analysis

Solana's uptrend has resumed as long as the price bars of the 4-hour chart are above the moving-average lines. As the price bars are trapped between the moving-average lines, the uptrend will be met with resistance. Moving average lines slope upwards, signaling an uptrend.

Technical Indicators

Important Supply Zones: $100, $120 and $140

Important demand zones: $80, $60, $40

What's the next step for Solana?

Solana's price is on an upward trend as it rises above its 21-day SMA. Altcoin is rising, and it's approaching the previous high $160. This was the previous resistance. If the altcoin is able to break through the $160 resistance, the uptrend will continue. If the recent high is not broken, then the cryptocurrency will move in a sideways direction.

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Disclaimer. This analysis and forecast is the personal opinion of the author. It does not represent a recommendation to purchase or sell cryptocurrency, and should not be considered as an endorsement from CryptoGuestPosts. Before investing in funds, readers should conduct their own research.

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