Solana Resumes Its Sideways Move Above $80

Solana (SOL) price fell to its critical support, but buyers halted the decline.

SOL price long-term prediction: bullish

Since February 2, as Coinidol.com reported, the cryptocurrency has ended its decline above the $80 support. For the past month, Solana has been range-bound above the $80 support and below the moving average lines or the resistance at $100.

Now, the altcoin is rising after dropping to a low of $81. Price movement has been limited due to the formation of Doji candlesticks. The current upward trend is likely to face rejection at the 21-day SMA and the 50-day SMA barriers.

On the upside, Solana will regain its bullish momentum if it breaks above these barriers and the resistance at $100. The crypto asset will rally to the next high of $128 if it breaks above these levels. However, the price range will persist if these barriers remain unbroken. Solana is currently at $82.92.

Technical indicators

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  Key supply zones: $220, $240, $260

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

SOL price indicator

The moving average lines are horizontal, but the 21-day SMA is above the 50-day SMA support. The price range has persisted due to the formation of Doji candlesticks, which indicate traders are undecided about the market direction. On the 4-hour chart, the 21-day SMA is below the 50-day SMA support, indicating a decline.

What is the next move for Solana?

Solana will likely continue its sideways movement due to the formation of Doji candlesticks. On the 4-hour chart, the decline has paused above the $82 support. It is now trading above the $82 support and below the moving average lines. Currently, the upward movement is being rejected at the $83 high. The sideways movement is expected to continue for a few more days.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.