The price of Solana (SOL) continues to move in an upward trend and has reached the price target of $175. SOL price analysis by Coinidol.com.
Long-term forecast for the Solana price: bullish
The cryptocurrency reached the next barrier at $188. Buyers continued a positive trend above the moving average lines and broke through the resistance at $155. The altcoin price retraced and retested the $155 level, confirming the uptrend.
On the upside, Solana is gaining value as it breaks above the $175 resistance. The upward momentum is expected to continue to the highs of $188 and $204. Solana will see a dip if the price falls below the moving average lines. SOL will fall to a low of $131.
Analysis of SOL price indicators
Since July 15, the price bars have recovered above the moving average lines. The moving average lines have a bullish crossover that occurs when the 21-day SMA crosses above them, which is a bullish signal.
Technical indicators
Major supply zones: $200, $220, $240
Major demand zones: $120, $100, $80
What is Solana’s next move?
Solana is still in an uptrend as the price has reached the previous high of $188. On the 4-hour chart, SOL has reached the overbought zone of the market. On May 21, the altcoin peaked at $188 and was pushed back. The altcoin is being rejected and has reached the same price today. Bullish fatigue can be observed.
On July 15, positive momentum broke through the 50-day SMA and the first barrier of $155, as Coinidol.com reported on July 17.
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.
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