Solana Backtracks Above $148 and Resumes Its Rising Trend

Key Highlights

Solana retraces as it hits the high of $160.10
The crypto asset is expected to rise to the high of $180

Solana (SOL) Current Statistics

The current price: $148.44
Market Capitalization: $79,345,415,586.4
Trading Volume: $5,164,344,179.3
Major supply zones: $180, $200, $220
Major demand zones: $100, $80, $60

Solana (SOL) Price Long-Term Prediction: Bearish

Solana’s (SOL) price resumes its rising trend after reaching a high of $160. The altcoin is backtracking and is predicted to hit a low of $145. On the upside, Solana will resume its bullish trend once it retraces and finds support above the $145 low or the 21-day SMA. The cryptocurrency asset will increase and break the 50-day SMA barrier, or the resistance at $160.

Solana will reach a high of $180 if buyers overcome resistance at $160. However, if the bulls fail to break the current high, the altcoin will remain caught between the moving average line. In other words, the altcoin will be compelled to a range defined by the moving average lines. Meanwhile, the altcoin remains on the slide, reaching a low of $145.

Solana (SOL) Price Indicator Analysis

Solana is declining but stuck between the moving average lines. If the bear breaks below the 50-day SMA support, selling pressure on the altcoin will resume. However, if the 21-day SMA support holds, the altcoin will resume its upward momentum. The moving average lines are slanted upward, showing the current trend.

What Is the Next Move for Solana (SOL)?

Solana retraces to its low of $148 and resumes its rising trend. On the 4-hour chart, the altcoin has retraced between the moving average lines. The selling pressure is approaching bearish exhaustion as it remains above the $148.00 support level. On the downside, the negative momentum will stall above the 50-day SMA support.

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