Solana Faces Another Drop Below the $190 Low

Key Highlights

Solana pauses above $190 low
The crypto asset risks further decline

Solana (SOL) Current Statistics

The current price: $200.14
Market Capitalization: $108,858,507,153.13
Trading Volume: $3,460,127,787.52
Major supply zones: $220, $240, $260
Major demand zones: $120, $100, $80

Solana (SOL) Price Long-Term Prediction: Bearish

Solana’s price resumes selling pressure as it faces another drop below the $190 low. The cryptocurrency asset fell after being rebuffed twice at the $250 level. Today, the altcoin has dropped below the moving average lines, reaching a low of $191. On September 25, selling pressure was stalled above the $190 level, allowing the altcoin to resume its upward correction. The upward correction has stopped at the moving average lines. Solana is decreasing as it deviates from the moving average lines.

On the downside, if Solana retraces and goes below the existing support, the altcoin would drop to a low of $175. On the upside, the altcoin’s bullish momentum will be restored if the price breaks above the moving average lines. Solana is currently trading at $201 in the bearish trend zone.

Solana (SOL) Price Indicator Analysis

Solana prices have declined, but the 21-day and 50-day SMAs are sloping upward, reflecting a past rally. Solana is in decline, as the moving average lines on the 4-hour chart slope downward. The 21-day SMA is sliding downward below the 50-day SMA, indicating a decline. Doji candlesticks characterize the price activity.

What Is the Next Move for Solana (SOL)?

Solana’s price is in a restricted range but faces another drop below the $190 low. The cryptocurrency will trend upward if buyers keep the price above the moving average lines. Currently, the upward move is being rejected at the 21-day SMA barrier. On the other hand, if the bears break below the $190 support level, Solana would fall to a low of $175. Meanwhile, the cryptocurrency signal remains negative, as it trades in the bearish trend zone.

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