Solana Pauses Above $175 as It Attempts to Rally

Key Highlights

Solana ends its decline above $175
The altcoin recoups above the current support

Solana (SOL) Current Statistics

The current price: $195.23
Market Capitalization: $93,561,984,981.05
Trading Volume: $8,029,734,105.05
Major supply zones: $180, $200, $220
Major demand zones: $100, $80, $60

Solana (SOL) Price Long-Term Prediction: Bearish

Solana’s (SOL) price falls but is caught between the moving average lines as it attempts to rally. On December 20, the bears attempted to break below the 50-day SMA support, but the bulls purchased the dips. The altcoin has returned above the 50-day SMA, however the bearish trend has not ended. The recent bullish momentum has met resistance near the $202 high.

However, the price indication foresees a further decrease in the cryptocurrency. On December 10, the price dropped and a retraced candle body tested the 50% Fibonacci retracement level. The retracement on December 13 and 17 showed that Solana would fall to a 2.0 Fibonacci extension, or $57.83.

Solana (SOL) Price Indicator Analysis 

Solana is having an upward correction while still below the moving average lines. The price bars fall below the moving average lines. The altcoin has achieved bearish exhaustion on the downside. On December 20, a long candlestick tail pointed to the present support at $175. The candlestick tail suggests significant buying pressure at lower prices.

What Is the Next Move for Solana (SOL)?

On the 4-hour chart, Solana’s drop has ended above the $175 support level as it attempts to rally. However, the altcoin is bouncing around the $170 support level and below the moving average line. The cryptocurrency price has been undergoing an upward correction, which has been halted by the 21-day SMA. In the meantime, SOL is trading below the moving average lines.

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