Solana Halts Above $157 And Maintains Its Range

Azeez Mustapha


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Key Highlights
Solana hits bearish exhaustion at $153 low
The crypto asset is range-bound

Solana (SOL) Current Statistics
The current price: $79.38
Market Capitalization: $6,674,883,226
Trading Volume: $310,973,392
Major supply zones: $180, $200, $220
Major demand zones: $100, $80, $60

Solana (SOL) Price Long-Term Prediction: Bullish
Solana’s (SOL) price has fallen between the moving average lines but maintains its range. On June 7, Solana fell below the moving averages but was halted by the 50-day SMA. Since June 7, the cryptocurrency price has been caught between the moving average lines.

The bears have made three unsuccessful tries to break the 50-day SMA. If the 50-day SMA support is hit, the altcoin will go as low as $140. However, the altcoin’s positive momentum will be restored if buyers retain the price above the 21-day SMA resistance line. Meanwhile, SOL/USD altcoin is trading for $161 at the time of writing.

Solana Halts Above $157 And Maintains Its Range
SOL/USD – Daily Chart

Solana (SOL) Price Indicator Analysis 
Today, the cryptocurrency price is retesting the 50-day SMA as bears attempt to resume selling pressure. Currently, SOL’s price is caught between moving average lines. The cryptocurrency’s upward trend will be dependent on breaking the 21-day SMA.

What Is the Next Move for Solana (SOL)?
On the 4-hour chart, Solana is in decline below the moving average lines but maintains its range. The fall has slowed since the June 7 price drop. The altcoin is trading in a narrow range of $156 to $164. The altcoin has been bouncing in a range, indicating a potential move. Meanwhile, the crypto signal is restricted to a specific range because the altcoin is trapped within it.

Solana Halts Above $157 And Maintains Its Range
SOL/USD – 4 Hour Chart

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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