Solana Slumps as It Aims for Its Prior Low of $175

Key Highlights

Solana is in a downtrend
Solana targets the $175 low

Solana (SOL) Current Statistics

The current price: $190.15
Market Capitalization: $92,075,412,995.48
Trading Volume: $3,966,137,289
Major supply zones: $180, $200, $220
Major demand zones: $100, $80, $60

Solana (SOL) Price Long-Term Prediction: Bearish

Solana’s (SOL) price has fallen below the moving average lines for the second time as it aims for its prior low of $175. The crypto asset dropped below the moving average lines on December 20 and hit a low of $175. The altcoin corrected upward when the bulls bought the dips. The 50-day SMA or resistance at $220 stopped the positive momentum after it broke above the moving average lines. Solana has dropped below $191 and the 21-day SMA support.

On the downside, Solana is getting closer to its previous low of $175. The bearish momentum is likely to stall above the $175 mark. The selling pressure will return if the bears fall below the $175 support. The value of the cryptocurrency will drop to $165. In the meantime, SOL has proceeded to tumble somewhat lower.

Solana (SOL) Price Indicator Analysis 

Solana’s price is currently below the moving average lines, after being trapped by them. The Doji candlestick has contributed to the small dip.On both charts, there is a bearish crossover of the moving average lines. The bearish indication is indicated by the blue line moving average crossing below the red line moving average. There is a downward slope to the moving average lines.

What Is the Next Move for Solana (SOL)?

On the 4-hour chart, Solana has dropped below the moving average lines as it aims for its prior low of $175. The drop is getting close to the $175 low from earlier. Since December 20, the Bulls have been defending the prior low of $175. The bears are trying to retest the previous low of $175 on the downside.

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