Solana Falters at the $200 Threshold

Key Highlights

Solana loses the $170 support
Solana risks a decline to the low of $93

Solana (SOL) Current Statistics

The current price: $161.45
Market Capitalization: $89,131,163,987.09
Trading Volume: $10,478,676,152.5
Major supply zones: $220, $240, $260
Major demand zones: $120, $100, $80

Solana (SOL) Price Long-Term Prediction: Bearish

Solana price begins to falter at the $200 threshold after encountering a barrier at the 21-day SMA. The cryptocurrency has risen above the $170 mark since October 11, but has started to move laterally above the $170 support and below the moving average lines. Buyers attempted to push the price above the moving average lines but were rejected twice.

The bullish momentum was dashed at the $211 high, while the other rejection occurred at the 21-day SMA barrier. Today, the altcoin maintained its downward trend and breached the $170 support. According to the price indicator, Solana will fall to the 2.618 Fibonacci extension, or $93.34. Meanwhile, the altcoin has paused above its low of $155.

Solana (SOL) Price Indicator Analysis

The 21-day SMA and the 50-day SMA are both trending lower, but the 21-day SMA serves as a resistance line to the price bars. The altcoin is sliding as a result of the latest rejection at the recent high. On the 4-hour chart, the price bars are lower than the moving average lines, indicating a downtrend.

What Is the Next Move for Solana (SOL)?

Solana’s price is falling at the $200 threshold. The selling pressure has stalled above the $155 support. The cryptocurrency price is currently trading above the $155 support level but below the moving average lines. The bulls retained the $155 support level as the altcoin started its bullish ascent on August 2. However, if the current support at $155 is breached, Solana will fall to the predicted price level.

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