Solana Continues Its Range-Bound Ascent Above $160

Key Highlights

Solana  continues its range above $160
Solana reaches bearish exhaustion

Solana (SOL) Current Statistics

The current price: $171.60
Market Capitalization: $83,784,156,109.52
Trading Volume: $1,579,442,657.39
Major supply zones: $180, $200, $220
Major demand zones: $100, $80, $60

Solana (SOL) Price Long-Term Prediction: Ranging

The price of Solana (SOL) rises sideways as it continues its range-bound ascent above $160. The selling pressure has stopped at the $160 support as the altcoin continues its range-bound rise above it. The cryptocurrency asset resumed its range-bound trend on February 21 before being repulsed at the high of $180. 

However, if the $180 support is broken, the altcoin will rise to the next hurdle at the 21-day SMA. The bearish trend has halted above the present support on the downside. However, if the $160 support is broken, Solana would drop further lower to the prior low of $140. As it retests the $170 bottom, the altcoin is range-bound. The altcoin has dropped to a low of $170.81.

Solana (SOL) Price Indicator Analysis 

The drop is indicated by the moving average lines, which continue to move southward. On the 4-hour chart, however, the sideways trend since February 18 is indicated by the horizontal moving average lines. The Doji candlestick appears as the cryptocurrency stays inside its range.

What Is the Next Move for Solana (SOL)?

Solana is fluctuating sideways between levels of $160 and $180 as it continues its range-bound ascent above $160.The cryptocurrency is consolidating as it alternates above and below the moving average lines. The negative momentum has fallen below the 21-day SMA as it continues to move inside its range today. The range-bound move has not been broken by Either bulls or bears.

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