Solana Hovers Above $150 As It Continues Its Range-bound Action

Key Highlights
Solana loses the $184 support
Solana may resume selling pressure


Solana (SOL) Current Statistics
The current price: $171.14
Market Capitalization: $97,986,626,657
Trading Volume: $2,572,115,571
Major supply zones: $180, $200, $220
Major demand zones: $100, $80, $60

Solana (SOL) Price Long-Term Prediction: Bearish
Solana’s (SOL) price has fallen below the 21-day SMA as it continues its range-bound action. The indication is that the drop will exceed the 50-day SMA, or $160 low. Today, Solana has dropped from a high of $210 to a low of $172.

On the upside, the altcoin’s upward rise is unlikely because it is caught between the moving average lines. On the downside, the slide will continue above the 50-day SMA. If the 50-day SMA support holds, the altcoin will be forced into a range-bound move between the moving average lines.

On the other side, if the bears breach the 50-day SMA, SOL/USD will fall to a low of $126.

Solana (SOL) Price Indicator Analysis
Following its latest slide, Solana has fallen between the moving average lines. The cryptocurrency price is bouncing in the center of the moving average lines. The altcoin will trend once the moving average lines are broken. The moving average lines on the 4-hour chart are sloping horizontally due to the sideways trend below the resistance level of $210.

What Is the Next Move for Solana (SOL)?
Solana is declining as it continues its range-bound action. If the current support level of $160 is broken, the present sideways trend will cease. The cryptocurrency signal will be negative, and Solana will fall to a low of $126. Meanwhile, the altcoin is hovering just above the $170 support.

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