Solana Rallies but Pauses at the $220 Mark

Key Highlights

Solana continues its range
Solana faces the $220 hurdle

Solana (SOL) Current Statistics

The current price: $214.44
Market Capitalization: $104,321,323,399.52
Trading Volume: $6,271,113,186.98
Major supply zones: $180, $200, $220
Major demand zones: $100, $80, $600

Solana (SOL) Price Long-Term Prediction: Bearish

Solana (SOL) has regained its bullish momentum but pauses at the $220 mark. The bullish momentum broke above the moving average lines, but it stuck below the 50-day SMA. On the plus side, if buyers break through the 50-day SMA barrier and the resistance at $220, Solana can rise to the highs of $240 and $260. SOL will fall and become range-bound between the moving average lines if rejected at the most recent high.

Solana had already experienced two rejections at the $220 high prior to its slide above the $180 support. SOL is gaining today as it closes at the next resistance level, which is $220.

Solana (SOL) Price Indicator Analysis 

Solana’s price is increasing as it attempts to break through the moving average lines. The 50-day SMA and the barrier at $220 halted the upward momentum on January 6. Bullish signals for the cryptocurrency are indicated by the 21-day SMA breaking above the 50-day SMA on the 4-hour chart.

What Is the Next Move for Solana (SOL)?

Solana has increased somewhat on the 4-hour chart, but pauses at the $220 mark .Three retests of the $220 barrier have failed to produce a breakout. Solana will remain above the $170 mark but below the barrier at $220 if the upward trend is disrupted. The price bars have risen above the moving average lines, indicating a positive crypto signal.

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