Solana’s Bullish Rally Fails At The $140 Threshold

The price of Solana (SOL) has been trading in a range since the March 11 plunge, trading above the $110 support but below the $140 resistance for the past three weeks.

Long-term Solana price prediction: bearish

Bulls failed to sustain their bullish momentum above $140 on March 24, despite breaking through the 21-day SMA resistance. Since then, the altcoin has retreated and stopped above the $122 low.

The cryptocurrency will continue to fluctuate within its range if the range-bound levels hold. The Fibonacci extension level of $1.618 or $109.28 is where Solana will fall if the current support at $110 is broken.

The uptrend will begin above the 50-day SMA barrier if it is breached. The current price of Solana is $126.32.

Analysis of the SOL indicator

The price bars have broken below the 21-day SMA support after being trapped between the moving average lines. A bearish crossover of the moving average lines on both charts indicates a downtrend. Solana is trading near the oversold area of the market. 

Technical indicators

Key supply zones: $220, $240, $260
Key demand zones: $140, $120, $100

What is the next move for Solana?

Solana has reached bearish exhaustion as it trades above the $110 support. The cryptocurrency asset has been described with doji candlesticks limiting price volatility. At the moment, price action has stalled in the middle of the range. Solana will continue to rise if buyers keep the price above the moving average lines.

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.