The price of Solana fell below the moving-average lines, but was stopped at the 50 day SMS support.

Solana long-term forecast: bearish

The altcoin was trading above the 21-day SMA and below the $180 overhead resistance.

The cryptocurrency fell after two rejections of the overhead resistance. In the last 48-hours, the price of SOL was retested in an effort to break below 50-day SMA. Solana is likely to fall above $140 if bears breach the 50-day SMA or the $156 low.

If the support of the 50-day SMA holds, Solana could reach its previous highs. The cryptocurrency must move between $180, the resistance level, and $156, the support level.

Altcoins continue to grow steadily, reaching a maximum of $156.86 on today.

SOL Price Indicator Analysis

Bulls are still maintaining the support of the 50-day SMA. If the current support is maintained, the cryptocurrency could rise up to the 21-day SMA.

The altcoin is also forced to move in a range defined by the moving average line. The moving average lines on the 4-hour chart are sloped downwards indicating a decrease.

Technical Indicators

Key supply zones: $220, $240, $260

Demand zones for $140, $120 and $100

What's the next step for Solana?

The price of Solana has dropped and stopped just above the support 50-day SMA. Bulls and bears are still struggling above the 50-day SMA.

The altcoin's uptrend will continue if the bulls maintain the current support level. If the bears breach the 50-day SMA, Solana is likely to fall back to its previous lows.

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 CryptoGuestPosts. Before investing in funds, readers should conduct their own research.