Solana Oscillates, But Does Not Advance Beyond $260

The latest price analysis by Coinidol.com report, Solana (SOL) maintained its positive trend by oscillating below the upper threshold of $260 last week. The price bars are above the moving average lines, but the upward trend has stopped.

Long-term forecast for the Solana price: bullish

On January 19, the bulls broke through the overhead resistance and reached a high of $295. Nevertheless, the bullish momentum could not be sustained beyond the recent peak. The price indicator shows that the cryptocurrency will continue to rise. According to the price indicator, SOL will rise to the Fibonacci extension of 1.618 or $371.23. 

However, Solana will fall if it turns down from the overhead resistance. If the cryptocurrency falls below the 21-day SMA, selling pressure will increase again. Solana will then fall to a low of $183. Meanwhile, Solana is trading above the 21-day SMA but below its recent high.

Solana price indicator analysis

The price bars are above the moving average lines, but the upward trend has stopped. Solana is falling towards the moving average lines. SOL will resume its uptrend if it retraces and stays above the 21-day SMA. The cryptocurrency would fall further below the moving average lines if the 21-day SMA is breached.

Technical indicators

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

Key demand zones: $140, $120, $100

What is the next move for Solana?

Solana is in a downtrend and sideways movement. In the recent price action, Solana traded above the $240 support but below the $270 high. The altcoin is in a downtrend as it returns to the lower price area above the $230 support. If the altcoin remains above the $230 support, it will resume its sideways trend.

Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.