Solana Pauses below the Overhead Resistance of $260

Key Highlights

Solana revisits the $260 high
The altcoin continues its range below $260

Solana (SOL) Current Statistics

The current price: $247.33
Market Capitalization: $121,252,393,672.5
Trading Volume: $9,079,292,342.43
Major supply zones: $180, $200, $220
Major demand zones: $100, $80, $60

Solana (SOL) Price Long-Term Prediction: Bullish

Solana’s (SOL) price pauses below the overhead resistance of $260. The bullish momentum reached the high of $295 on January 19, breaking through the overhead resistance. Above the upper barrier, buyers were unable to maintain the positive momentum. At the high of $295, the bullish momentum was halted, and it plummeted to the low of $229.

The positive trend zone is where Solana is trading right now. It oscillates above the $240 support but below the $260 resistance. The altcoin will rise to $370 if the bulls break through the resistance at $260. If the bears break through the $240 support, however, the cryptocurrency will fall. It will drop to as low as $170. As of this writing, Solana is valued at $251.

Solana (SOL) Price Indicator Analysis 

A lengthy candlestick wick on January 19 pointed toward the $300 barrier level. At the most recent high, the candlestick wick shows significant selling pressure. The horizontal moving average lines are beneath the price bars. Furthermore, a bullish crossover of the moving average lines suggests that cryptocurrency will rise.

What Is the Next Move for Solana (SOL)?

The price of Solana is presently trading sideways on the 4-hour chart but pauses below the overhead resistance of $260. The crypto price is currently bouncing below the overhead resistance of $260. The cryptocurrency has currently dropped between the moving average lines, suggesting that it may move in a range-bound manner.

The altcoin will return to its bullish trend once it breaks over the 21-day moving average line. The crypto signal is range-bound since it is trapped between the moving average lines.

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