Solana Hovers Above $150 as Traders Are Indecisive

Key Highlights

Solana consolidates above $156
The altcoin risks further decline

Solana (SOL) Current Statistics

The current price: $156.31
Market Capitalization: $81,666,089,123.3
Trading Volume: $2,672,662,425.91
Major supply zones: $180, $200, $220
Major demand zones: $100, $80, $60

Solana (SOL) Price Long-Term Prediction: Bullish

Solana’s (SOL) price has dropped below the moving average lines as traders are indecisive. Bulls and bears have been engaged in a price battle above the 50-day SMA support since May 30. The bulls bought the dips even though the bears had twice broken below the 50-day SMA support. The price of cryptocurrency has paused above the $157 low or the 50-day SMA support.

The crypto price is consolidating above the 50-day SMA support as the Doji candlestick appears. However, if the 50-day SMA support is breached, Solana will fall to $140. If the 50-day SMA support holds, the altcoin’s upward trend will begin. The altcoin will reach the 21-day SMA barrier.

Solana (SOL) Price Indicator Analysis 

Long candlestick tails are pointing across the $150 support. The altcoin has pulled back due to strong buying pressure at lower price levels. The price bars are between the moving average lines but stuck above the 50-day SMA. The appearance of the Doji candlesticks has caused buyers and sellers to be unsure about the market’s direction.

What Is the Next Move for Solana (SOL)?

Solana is still above the $150 support level as traders are indecisive. The altcoin is circulating below the 21-day SMA barrier or the $156 low on the lower time frame, and above the $150 support. The 21-day SMA barrier has supported the upward trend. The selling pressure will resume as soon as the bears breach below the $150 support.

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