Solana Bounces Back but Her First Obstacle Is at $154

Azeez Mustapha


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Key Highlights
Solana recovers from the $115 low
The altcoin is trading in a range above the $128

Solana (SOL) Current Statistics
The current price: $150.28
Market Capitalization: $86,380,596,915
Trading Volume: $2,609,344,215
Major supply zones: $180, $200, $220
Major demand zones: $100, $80, $60

Solana (SOL) Price Long-Term Prediction: Bearish
Solana’s (SOL) price rises above $127 support but approaches her first obstacle at $154. The cryptocurrency is recovering from its price drop on April 13, 2024. The April 13 price drop has subsided, with the altcoin reaching a low of $115 before pulling back.

Solana is trading above the $128 support level but below the moving average lines and the resistance at $170. On the upside, if buyers retain the price above the moving average lines, the altcoin will return to its prior highs between $180 and $210.

Nonetheless, if buyers do not break above the moving average lines, the range-bound move below them will continue. The cryptocurrency is now worth $150.28.

Solana Bounces Back but Her First Obstacle Is at $154
SOL/USD – Daily Chart

Solana (SOL) Price Indicator Analysis
Solana’s price bars are rising while remaining below the moving average lines. The price bars encounter an early hurdle below the moving average lines. If the price breaks above the moving average lines, the bullish trend will resume. On the 4-hour chart, the price bars are above the moving averages. The rising trend is hampered at the $154 high.

What Is the Next Move for Solana (SOL)?
Solana has been trading in a range for the past week but approaches her first obstacle at $154. On the 4-hour chart, the cryptocurrency’s price ranges from $128 to $160. The altcoin’s price has broken above the moving average lines, although it remains at the $154 high.

In the meantime, the crypto signal is fluctuating as buyers attempt to resume the rally.

Solana Bounces Back but Her First Obstacle Is at $154
SOL/USD – 4 Hour Chart

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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