Solana Is Range-Bound as It Pauses above the $190 Low

Key Highlights

Solana reaches the $176 low
Solana reaches bearish exhaustion

Solana (SOL) Current Statistics

The current price: $205.69
Market Capitalization: $100,150,162,325.01
Trading Volume: $5,483,549,417.69
Major supply zones: $180, $200, $220
Major demand zones: $100, $80, $60

Solana (SOL) Price Long-Term Prediction: Bearish

Solana’s (SOL) price declines from the $260 peak and pauses above the $190 low. The fall has cut below the moving average lines, reaching a low of $205. On February 3, Solana dropped and surpassed the Fibonacci extension level of 1.618, or a low of $192.76. The altcoin reached a low of $176 before pulling back. The crypto price bounces between the moving average lines and the present support.

The altcoin has retreated above the support level of $200. On the downside, if the altcoin breaks below the $200 level, the selling pressure will return. The cryptocurrency will plummet, settling at $176.

Solana (SOL) Price Indicator Analysis 

Following the February 3 price decline, the price bars are below the moving average lines. The candlestick’s extended tail reaches the low of $176 on February 3. This suggests strong buying pressure above the $180 support. The market has reached bearish exhaustion, even though Doji candlesticks are still forming.

What Is the Next Move for Solana (SOL)?

Solana drops and pauses above the $190 low on the 4-hour chart. The altcoin fell and hit a low of $176 before rebounding above the $190 support. The price of the cryptocurrency is currently below the moving average lines and above the $190 support. The cryptocurrency signal is range-bound as long as the selling pressure remains above the $190 mark.

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