Solana Slumps as It Faces Rejection at $172

Key Highlights

Solana’s upward move is stuck at $172
Solana continues its decline

Solana (SOL) Current Statistics

The current price: $162.88
Market Capitalization: $87,673,778,013.39
Trading Volume: $4,885,985,673.79
Major supply zones: $180, $200, $220
Major demand zones: $100, $80, $60

Solana (SOL) Price Long-Term Prediction: Bullish

Solana price has fallen below the moving average lines as it faces rejection at $172. From the price indication, the bearish momentum is expected to continue to the low of $145. The price of the cryptocurrency is presently fluctuating between the lines of the moving average. Solana will restart its bullish trend whenever it breaks above the 21-day SMA. The previous high of $206 will be revisited by the cryptocurrency assets, but an upward rise is unlikely.

Today, the bears are seeking to breach below the 50-day SMA support after the initial break-through. On the downside, Solana will fall if the bears are successful. The altcoin will return to the previous low of $126. Solana is currently worth $163.20 at the time of writing.

Solana (SOL) Price Indicator Analysis

Following the latest drop, the price of cryptocurrencies is still stuck between the moving average lines. The 50-day SMA has prevented the altcoin from falling, but it may still do so. On the 4-hour chart, the crypto price has broken below the 21-day SMA after being trapped by it. The Doji candlesticks have appeared, slowing the downtrend.

What Is the Next Move for Solana (SOL)?

Solana may continue its decline as it faces rejection at $172. The altcoin is range-bound between $156 and $176 on the 4-hour chart. On the downside, the bearish trend will continue when the 21-day SMA support and the $156 low are surpassed. In the meantime, the crypto signal is negative as the altcoin falls into the bearish trend zone.

Make money without lifting your fingers: Start using a world-class auto trading solution.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset, product, or event. We are not responsible for your investment.