Solana Plunges as It Faces Sharp Rejection at $160

Key Highlights

Solana’s price plunges to the $120 low
The crypto asset will return to its range

Solana (SOL) Current Statistics

The current price: $134.98
Market Capitalization: $79,270,915,143
Trading Volume: $3,353,081,059
Major supply zones: $180, $200, $220
Major demand zones: $100, $80, $60

Solana (SOL) Price Long-Term Prediction: Bearish

Solana’s (SOL) price fell below the moving average lines as it faced sharp rejection at $160. Since the August 5 price drop and August 8 price rise, the cryptocurrency has remained in a sideways pattern between $120 and $160. The rising price trend has been halted by resistance near $160. Bears reached a low of $139 today after breaking below the moving average lines.

If the existing support is breached, Solana prices will fall even further. The altcoin will drop to its prior low of $127. However, if the present support level of $139 is maintained, the bullish trend will restart. First, purchasers must hold the price above the moving average lines. Later, the positive momentum will build and retest or break the resistance level at $160.

Solana (SOL) Price Indicator Analysis 

Solana’s price is declining, and the price bars are below the moving average lines. This means that the cryptocurrency will deteriorate even further. The moving average lines on the daily chart are horizontal due to the continuous sideways tendency. On the 4-hour chart, the moving average lines show a bearish crossover, indicating a bearish trend.

What Is the Next Move for Solana (SOL)?

On the 4-hour chart, the altcoin declines as it faces sharp rejection at $160. Solana has been trading between $120 and $160. The crypto asset has been moving in a range for the past two months due to resistance at $160. Bears are pushing the altcoin to a lower price range of $120. The previous low of $120 hasn’t been broken since April 13. The cryptocurrency signal is negative due to the bearish trend.

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