Solana Consolidates as It Continues to Trade Above $120

Key Highlights

Solana  slides below the 21-day SMA
Solana continues its range above the $110 support

Solana (SOL) Current Statistics

The current price: $127.46
Market Capitalization: $65,242,199,028.98
Trading Volume: $3,125,953,312.47
Major supply zones: $180, $200, $220
Major demand zones: $100, $80, $60

Solana (SOL) Price Long-Term Prediction: Bearish

Solana’s (SOL) price has fallen below the 21-day SMA support as it continues to trade above $120. The bulls were expected to push the altcoin above the 50-day SMA to reach a high of $180. However, at the high of $145, the bullish momentum was repelled. The crypto asset has fallen below the 21-day SMA as it returns to the existing support level of about $110.

Since March 10, Solana has been trading above $110 as bulls protect the current support. The altcoin’s downward trend has stopped as it stabilizes above the $120 mark. However, according to the price indicator, SOL will fall to the Fibonacci extension level of 1.618, or $109.28. However, Doji candlesticks, which slow the price movement, have ruled the market.

Solana (SOL) Price Indicator Analysis 

The altcoin has reached bearish exhaustion as it consolidates above the $110 mark. The cryptocurrency market is dominated by doji candlesticks, which halts price movement. The moving average lines have a horizontal incline as the coin moves sideways. The 21-day SMA is the price bars’ resistance line.

What Is the Next Move for Solana (SOL)?

The selling pressure has stopped above the current support as it continues to trade above $120. The digital asset will start its bullish ascension once it crosses above the 21-day SMA. Solana is beginning its bullish ascent once more as it looks to break through the 21-day SMA barrier. There have been minor price adjustments. The cryptocurrency signal is currently range-bound above the $110 bottom price level.

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