Solana Plummets Amid Significant Selling Pressure at $180

Key Highlights

Solana is stuck at a $180 barrier
The altcoin maintains its horizontal trend

Solana (SOL) Current Statistics

The current price: $177.60
Market Capitalization: $92,445,829,842.85
Trading Volume: $3,643,326,924.8
Major supply zones: $180, $200, $220
Major demand zones: $100, $80, $60

Solana (SOL) Price Long-Term Prediction: Bullish

The price of Solana’s (SOL) has remained above the moving average lines amid significant selling pressure at $180. Buyers have not been able to keep the price above the high of $180. The altcoin rebounded above the most recent peak on May 23 but was pushed down from the $187 high. The crypto price has dropped and then risen above the 21-day SMA support. The altcoin is rising today in an attempt to retest and breach the $180 resistance level.

If buyers can push the price above the barrier level, the cryptocurrency asset is expected to rise to highs of $210 and $218. It is currently the 21-day SMA support that is driving the altcoin to rise. Nevertheless, the altcoin will drop above the 50-day SMA or the $140 low if it breaks below the 21-day SMA support. At the moment of writing, Solana is valued at $178.60.

Solana (SOL) Price Indicator Analysis 

The increasing slope of the moving average lines suggests a short-lived upswing. On the 4-hour chart, however, the $180 barrier causes the moving average lines to be horizontal. The $180 barrier is being penetrated by a lengthy candlestick wick on May 23. Strong selling pressure at the $180 level is indicated by this.

What Is the Next Move for Solana (SOL)?

Solana has not been able to break beyond the $180 barrier amid significant selling pressure at $180. The cryptocurrency price twice surged beyond the $180 mark but was pushed back. Within the 4-hour chart, the altcoin oscillates between the $184 high and the $160 support. Currently, the altcoin is below the $180 high and inside a narrow range above the 21-day SMA support.

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