Solana Loses Ground as It Targets the $150 Low

Azeez Mustapha


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Key Highlights
Solana risks decline below the 21-day SMA
The altcoin hovers above $180 support

Solana (SOL) Current Statistics
The current price: $180.13
Market Capitalization: $103,407,371,246
Trading Volume: $4,649,887,930
Major supply zones: $180, $200, $220
Major demand zones: $100, $80, $60

Solana (SOL) Price Long-Term Prediction: Bullish
Solana’s (SOL) price has continued its upward trend, retracing above the 21-day SMA as it targets the $150 low. The cryptocurrency asset soared to a high of $210, but purchasers were unable to maintain the bullish momentum beyond the current peak.

If buyers succeed, the altcoin will surpass the overhead resistance level of $259. The bulls were repulsed twice at the last high and have retraced above the moving average lines. Solana is currently trading at $186. Yesterday, the bulls were pushed back as they struggled to keep the price above the $210 high.

Today, the bears are attempting to breach the 21-day SMA support. On the downside, if the bears succeed, the drop will continue to the low above the 50-day SMA, or $148. Meanwhile, the cryptocurrency’s price is hovering just above the 21-day SMA, attempting to surpass it.

Solana Loses Ground as It Targets the $150 Low
SOL/USD – Daily Chart

Solana (SOL) Price Indicator Analysis
The bears have broken below the 21-day SMA, with the cryptocurrency’s price bars now below it but above the 50-day SMA. The altcoin’s slide will continue above the 50-day SMA unless there is a pullback. The moving average lines still slope upward despite the decrease in their separation from one another

What Is the Next Move for Solana (SOL)?
Solana’s price is falling below the moving average lines following a second rejection at the $210 high as it targets the $150 low. The cryptocurrency’s price has dropped to a lower range between $172 and $210. If the altcoin retraces and maintains its position above the $172 level, the crypto signal will be compelled to a range-bound move. The current support dates back to March 19, 2024.

 Solana Loses Ground as It Targets the $150 Low
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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