Solana Maintains a Sideways Pattern above $75

Solana (SOL) Price Long-Term Prediction: Ranging

Solana price maintains a sideways pattern above $75 after buyers failed to extend their bullish surge above the $84 level. In recent price activity, Solana fell to a low of $60. The cryptocurrency is currently trading in a range of $60 to $84 per unit. Currently, the altcoin has maintained a narrow range above the moving average lines. It is trading above the moving averages but below the $79 high.

Since August 8, Solana’s price has been stabilizing and has stayed below the $79 high. On the upside, Solana will rise if it continues to move above its moving averages. If the initial barrier is broken, Solana’s price will jump between $84 and $100. However, if sellers push the price below the moving average lines, Solana will return to its bottom above $60. Solana is now valued at $76.46.

Technical indicators      

Major supply zones: $120, $140, $160
Major demand zones: $80, $60, $40

Solana (SOL) Price Indicator Analysis

Solana prices are above the horizontal 21¬day and 50-day moving average lines. The cryptocurrency asset has the potential to rise if it stays above the moving average lines. Meanwhile, the upward trend has halted below the $79 high. The 21-day and 50-day SMAs are sloping upward, implying an upward correction on the 4-hour chart. The extended candlestick wicks at the $79 high indicate heavy selling pressure.

What Is the Next Move for Solana (SOL)?

Solana maintains a sideways pattern above $75 after an upward correction was halted by the initial hurdle at $77. Solana is currently trading in a tight range above the $74 support and below the $78 high. As the cryptocurrency asset maintains its sideways trend, small body uncertain candlesticks appear. This shows that buyers and sellers are unsure about the market’s direction.

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