Solana Backtracks on the $249 Barrier

Key Highlights

Solana rallies to the $250 barrier
The altcoin faces an overbought condition

Solana (SOL) Current Statistics

The current price: $246.71
Market Capitalization: $133,923,459,118.79
Trading Volume: $10,911,235,276.54
Major supply zones: $220, $240, $260
Major demand zones: $120, $100, $80

Solana (SOL) Price Long-Term Prediction: Bullish

Solana’s price maintains its bullish ascent but backtracks on the $249 barrier. For the past four days, the crypto asset retraced above the $232 support and restarted its upward move. Today, Solana is still unable to clear the $249.45 high. Incidentally, if buyers overcome the current barrier, the crypto asset will appreciate in value. The altcoin will revisit the historical price level at $260 for the third time. However, the altcoin is trading in the overbought region of the market.

The crypto asset will fall in value if sellers emerge in the overbought region of the market. Meanwhile, Solana will trade inside its current range till the upswing is determined. Solana is now valued at $246.52.

Solana (SOL) Price Indicator Analysis

On the daily chart, the moving average lines slope northward, while the price bars rise above them. This means that Solana will resume its bullish trend. The 4-hour chart’s upward-sloping moving average lines are now horizontal due to the sideways trend. Doji candlesticks describe the price activity as it moves gradually.

What Is the Next Move for Solana (SOL)?

Solana’s price rises but backtracks on the $249 barrier. On the 4-hour chart, the altcoin is trading above the $230 support but below the $250 level. There will be further positive momentum if the $250 high is broken. The selling pressure will return if the moving average lines are crossed.

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