Solana Moves Above $220 And Resumes Sideways Trading

Key Highlights

Solana reaches the previous peak of $260
The bullish trend is still holding

Solana (SOL) Current Statistics

The current price: $234.14
Market Capitalization: $110,682,576,816.47
Trading Volume: $5,777,193,099.20
Major supply zones: $180, $200, $220
Major demand zones: $100, $80, $60

Solana (SOL) Price Long-Term Prediction:

Solana’s (SOL) price has fallen above the 21-day SMA support and resumes sideways trading. The selling pressure has eased above the $220 support or 21-day SMA. Currently, the rising trend will resume if the existing support holds. Solana will rise and return to the prior high of $260. The most recent high corresponds to the previous highest price in October 2021. On the upside, if the bulls break the $260 high, the altcoin will achieve a high of $280.

Solana will trade in the bull market. However, if Solana reverses from its recent high, it will be forced to trade sideways. It will fluctuate above the 21-day moving average line but below the resistance level of $260. The downtrend will restart if the bears break below the moving average lines. Solana is now valued at $233.

Solana (SOL) Price Indicator Analysis 

Solana has retraced above the 21-day SMA. Once the 21-day SMA support is breached, the cryptocurrency will continue to drop. The bearish momentum will continue above the 50-day SMA support. However, the bulls will maintain their current positions if 21-day SMA support holds. SOL will rise again during the second round of upward momentum.

What Is the Next Move for Solana (SOL)?

On the 4-hour chart, Solana falls to a low above the $220 support and resumes sideways trading. It trades above the $220 support level but below the moving average lines. The rising trend is meeting early resistance at the $230 high. SOL is predicted to increase and break above the moving averages. Currently, it is above the $220 support and below the moving average lines.

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