Solana Slumps as It Risks a Drop above $180

Key Highlights

Solana slumps from the $260 peak
Solana risks further decline to $180 low

Solana (SOL) Current Statistics

The current price: $225.33
Market Capitalization: $107,951,412,274.99
Trading Volume: 4,420,644,648.31
Major supply zones: $180, $200, $220
Major demand zones: $100, $80, $60

Solana (SOL) Price Long-Term Prediction:

Solana’s (SOL) price slips below the moving average lines as it risks a drop above $180. In other words, the crypto asset trades above the 50-day SMA but below the 21-day SMA. The bears had attempted to lower Solana below the 50-day SMA twice but were halted by the 50-day SMA. Bulls bought the dips, and the 21-day SMA is holding back the upward rise.

SOL is currently dropping toward the 50-day SMA. If the 50-day SMA is violated, Solana will return to its earlier bottom of above $180. In the meantime, the altcoin is currently worth $225.

Solana (SOL) Price Indicator Analysis

Following the latest decrease, the price bars are now between the moving average lines. It signifies that the altcoin will be forced to move in a restricted range for a few days. If the 50-day SMA support is breached, the altcoin will likely fall even more. Even with the latest fall, the moving average lines are sloping upward.

What Is the Next Move for Solana (SOL)?

On the 4-hour chart, Solana drops below the moving averages as it risks a drop above $180. The moving average lines and resistance at $230 have slowed the upward trend. On the downside, selling pressure will resume whenever the price falls below the 21-day SMA support. Meanwhile, the crypto signal is negative as the altcoin faces more rejection at its recent high.

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