Solana Rises But Faces An Early Obstacle At $162

Solana Rises But Faces An Early Obstacle At $162

Jun 10, 2024, 12:14 pm

The price of Solana has dropped below the moving-average lines, but stopped at the 50 day SMA.

Price forecast for Solana over the long-term: Bearish

As the cryptocurrency had reached a bearish exhaustion, the bears could not break above the SMA of 50 days. It is unlikely that the cryptocurrency will continue to decline. The value of the cryptocurrency has begun to rise between moving average lines. If buyers maintain the price above 21-day SMA, the altcoin's uptrend will continue.

SOL will rally up to the next resistance of $188. The upward trend will continue until the high of $200. If the buyers fail to maintain the price above 21-day SMA then the altcoin continues to move between moving average lines. At the time of writing, Solana was worth $161.42.

Price indicators for Solana

Solana's price will fluctuate as it is caught between moving average lines. The price bars on the 4-hour chart are below the moving-average lines, which indicates a prior decline. The cryptocurrency price is moving back to the range bound zone.

Technical indicators

Important Supply Zones: $200, $220 and $240

Important demand zones: $120, $100, $80

What's next for Solana?

Solana has fallen below the moving-average lines on the 4-hour chart. The altcoin has hit a low price of $153, indicating that the bearish pressure is exhausted. Bulls have bought dips in the price at the recent low. The price is expected to rise over the moving average line but will initially face resistance at the high $162.

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

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