Solana Faces a Drop below the $120 Low

Key Highlights

Solana pauses above the $120 low
Solana continues its decline

Solana (SOL) Current Statistics

The current price: $128.38
Market Capitalization: $71,778,333,181.51
Trading Volume: $11,204,852,624.38
Major supply zones: $220, $240, $260
Major demand zones: $120, $100, $80

Solana (SOL) Price Long-Term Prediction: Bearish

Solana faces a drop below the $120 low as it approaches the historical price level on June 22. Today, the cryptocurrency plummeted to a low of $121, then recovered. It is approaching a historical low of $126. On June 22, the cryptocurrency achieved its historical price and resumed its upward trend. The price indicator, however, indicates that the cryptocurrency will drop below the current $120 support level.

Currently, the crypto is trading between the $120 support and the $140 high. On the downside, if the bears break the $120 support and maintain their negative momentum, Solana will approach the anticipated price level of the 2.618 Fibonacci extension, or the low of $93.24.

Solana (SOL) Price Indicator Analysis

The 21-day and 50-day moving average lines are trending downward as Solana keeps declining. The 21-day SMA is approaching and repelling the price bar as it retests it. On the 4-hour chart, the moving average lines have dropped significantly to the bottom.

What Is the Next Move for Solana (SOL)?

Solana’s price is falling as it faces a drop below the $120 low. The 4-hour chart shows the Yen oscillating above the $120 support but below the moving average lines. The cryptocurrency price has risen after retesting the $120 support. The Selling pressure will persist if the rising trend is reversed and the bears break through the $120 support. Solana will fall to a low of $93.

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