Solana Slides above $220 but Faces a Further Drop

Key Highlights

Solana declines and pauses above $220
Solana resumes selling pressure

Solana (SOL) Current Statistics

The current price: $226.11
Market Capitalization: $107,438,819,209.29
Trading Volume: $6,466,452,954.06
Major supply zones: $180, $200, $220
Major demand zones: $100, $80, $60

Solana (SOL) Price Long-Term Prediction:

Solana’s (SOL) price breaks below the 21-day SMA but faces a further drop. The cryptocurrency asset was previously rebuffed at the $260 overhead resistance and the $240 resistance. The denials point to a further drop in the cryptocurrency. The price indication diagram shows a further decrease in cryptocurrency. During the November 26 price drop, a retraced candle body tested the 50% Fibonacci retracement level.

The upward correction suggests a fall to the $185 low at level 2.0 Fibonacci extension. Meanwhile, SOL has dropped and stopped above the $220 support. If the current support level is breached, selling pressure will resume. Solana is now valued at $227.

Solana (SOL) Price Indicator Analysis 

Solana is declining between the moving average lines. The consequence is that the cryptocurrency price will be forced into a range-bound movement for a few days. Once the current support level is breached, selling pressure will begin. SOL will prolong its bearish rum position to a bottom above the 50-day SMA. The fall will continue if the 50-day SMA is violated.

What Is the Next Move for Solana (SOL)?

On the 4-hour chart, Solana is in decline below the moving averages but faces a further drop. Since the price decline on November 26, the bulls have continued to defend the existing support level. On the negative, if the current support is breached, the altcoin will fall to $185. The crypto signal remains unfavorable, as the altcoin retests the $220 support.

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