Solana Drops as It Swerves above the $220 Support

Key Highlights

Solana slumps above the $220 support
The altcoin may continue its decline

Solana (SOL) Current Statistics

The current price: $232.26
Market Capitalization: $112,994,322,277.9
Trading Volume: $4,425,000,513.94
Major supply zones: $180, $200, $220
Major demand zones: $100, $80, $60

Solana (SOL) Price Long-Term Prediction: Bullish

The price of Solana (SOL) is dropping as it veers above the $220 support. The cryptocurrency asset has dropped above the 21-day moving average line. If the bears break below the moving average lines, the altcoin will continue to drop. A potential drop in the crypto has been indicated by the price indication. On January 21, a retraced candle body tested the 61.8% Fibonacci retracement line during the market downturn.

According to the upward correction, Solana will drop to the Fibonacci extension level of 1.618, approximately $192.76. Solana is worth $230 based on current price action, yet it is above the moving average lines.

Solana (SOL) Price Indicator Analysis

Solana is losing ground as the price bars move back above the moving average lines. The bearish momentum will persist if the price bars fall below the moving average lines. The moving average lines are heading upward even though they have dropped above them. The price bars are beneath the horizontal moving average lines on the 4-hour chart.

What Is the Next Move for Solana (SOL)?

On the 4-hour chart, Solana declines below the moving average lines as it veers above the $220 support. Although it veers below the moving average lines, the downturn has paused above the $220 support since January 27. The price will resume selling pressure if it falls below the $220 support. The crypto signal is negative since the altcoin is still being rejected.

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