Solana Rebounds but Faces the $136 Barrier

Key Highlights

Solana  trades at the $110 support
Solana reaches the chart’s bottom

Solana (SOL) Current Statistics

The current price: $134.71
Market Capitalization: $68,839,168,275.06
Trading Volume: $1,951,028,126.05
Major supply zones: $180, $200, $220
Major demand zones: $100, $80, $60

Solana (SOL) Price Long-Term Prediction: Bearish

Solana (SOL) dropped to $112 on March 11 before facing the $136 barrier. The altcoin has been trading above the $110 support but below the 21-day SMA for the past two weeks. If buyers maintain the price above the 21-day SMA, the bullish momentum will continue to the 50-day SMA or the $160 high. Solana will drop and break below the $110 support if the altcoin faces rejection at the 21-day SMA barrier. However, the price indicator has forecasted that SOL will drop to level 1.618 Fibonacci extension, or $109.28. Today, Solana is worth $134.

Solana (SOL) Price Indicator Analysis

 On the 4-hour chart, the moving average lines are horizontal, indicating the current sideways trend. On the daily chart, the moving average lines have fallen significantly to the bottom, with the 21-day SMA serving as the resistance line to the price bars. On the daily chart, the Doji candlesticks dominate price action as the price of cryptocurrency oscillates below and above the moving average lines.

What Is the Next Move for Solana (SOL)?

Solana has paused its decline above the $110 support but faces the $136 barrier. The upward move has remained stationary because of the presence of Doji candlesticks. On the daily chart, the price of cryptocurrency has remained stationary below the 21-day SMA barrier, while the range-bound crypto signal is formed by the Doji candlestick.

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