Solana Rises Beyond $127 but Faces Potential Losses

Key Highlights
Solana’s downturn subsides
Solana regains bullish momentum

Solana (SOL) Current Statistics
The current price: $130.23
Market Capitalization: $74,297,027,132
Trading Volume: $3,048,096,979
Major supply zones: $100, $120, $140
Major demand zones: $60, $40, $20

Solana (SOL) Price Long-Term Prediction: Bearish
Solana’s (SOL) price has fallen below the moving average lines as it faces potential losses. In the previous price action, bulls broke the resistance around $132 and rose to a high of $138. Solana is now valued at $128 at the time of writing.

The current drop is slowing above the $127 support. On the downside, the altcoin is expected to fall and reverse above the $126 support. On the plus side, the cryptocurrency will likely continue to appreciate if the price breaks above the moving average lines. The moving average lines limit the upward movements.

Solana (SOL) Price Indicator Analysis
The price bars have fallen below the moving averages as a result of the recent decline. The moving average lines are trending downward, indicating a bearish crossover. That is, the 21-day SMA crosses below the 50-day SMA, signaling a bearish trend. This allows traders to place short orders.

What Is the Next Move for Solana (SOL)?
On the 4-hour chart, Solana is in decline above the moving average lines but faces potential losses. The altcoin finds support above the 21-day SMA, indicating a possible end of the bearish trend. However, if the price breaks below the 21-day SMA, the bearish trend will resume.

In the meantime, the altcoin’s signal appears to resume positive momentum as the selling pressure is relieved.

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