Solana Bounces Back but Falters Below $147

Key Highlights

Solana has been trapped in a range
The price movement has been limited by traders’ indecision

Solana (SOL) Current Statistics

The current price: $145.94
Market Capitalization: $68.54B
Trading Volume: $1.10B
Major supply zones: $180, $200, $220
Major demand zones: $100, $80, $60

Solana (SOL) Price Long-Term Prediction: Bearish

Solana’s (SOL) price has rebounded after breaking above the moving average lines but falters below $147. However, the bullish momentum was halted by the 21-day SMA. In other price action, Solana had previously fallen to a low of $135 on October 10, but bulls bought the dips.

Today, cryptocurrency is caught between the moving average lines. If bulls surpass the 21-day SMA, Solana may surge to its prior peak of $164. Meanwhile, the altcoin is retracing after meeting resistance near the 21-day SMA. If the altcoin falls below the 50-day SMA support, the market will revert to its prior lows of $135 and $133. Solana is now valued at $146.

Solana (SOL) Price Indicator Analysis 

The price of Solana is now trapped between the moving average lines as a result of the recent recovery. The implication is that the altcoin will be forced into a range-bound move for a few days. However, the price broke above the moving average lines on the 4-hour chart. However, the upward trend has ended.

What Is the Next Move for Solana (SOL)?

Solana has started to trend sideways but falters below $147. On October 3, the altcoin hit a low of $133 and began an upward correction. The altcoin’s upward move came to an end at the high of $150, and it began a range-bound trend. The crypto price is reverting towards the moving average lines after twice testing the resistance zone. The crypto signal will be range-bound since the altcoin is caught between the moving average lines.

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