Solana trades in a range as it challenges the high of $155

Solana trades in a range as it challenges the high of $155

Price: 10:07 am, July 10, 2024


The price of Solana has increased but is still trapped between the moving-average lines. Coinidol.com provides a cryptocurrency price analysis.

Solana long-term forecast: bearish

The cryptocurrency is struggling to resume its trend between the moving-average lines. The price of altcoins has been fluctuating between $130 to $150 since June 27. On July 3, buyers failed to keep the price above 50-day SMA. Solana hit a low price of $127, but then recovered. The altcoin trades above the 21-day SMA but below the resistance of the 50-day SMA. The value of the cryptocurrency will remain in a range for a couple more days. Solana's uptrend will resume once it crosses above the 50-day SMA. It is currently trading for $141.

Solana price indicator analysis

The price bars of Solana have returned to moving average lines. The 50-day SMA, or high of $155 has been a barrier to the upward moves. Moving average lines remained horizontal throughout the sideways movement.

Technical Indicators

Key supply zones: $200, $220, $240

Demand zones for $120, $100 and $80

What's the next step for Solana?

Solana is still in an upward correction, and it continues to rise between the moving-average lines. On the daily chart the price of cryptocurrency has crossed over the 21-day SMA two times but failed to sustain itself above the 50-day SMA. Solana is currently rising and has reached the resistance level at $155. If the altcoin breaks above the resistance, it will reach a high of $188. Otherwise, the movement will be range bound between the moving average line.

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Disclaimer. Disclaimer. This analysis and forecast is the personal opinion of the author. These are not recommendations to buy or trade cryptocurrency, and should not be seen as endorsements by Coinidol. Before investing in funds, readers should conduct their own research.

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