Solana Surges As It Faces Its First Hurdle at $227

Key Highlights

Solana faces the $240 barrier
The altcoin resumes oscillation below the recent high

Solana (SOL) Current Statistics

The current price: $225.81
Market Capitalization: $123,478,814,092.34
Trading Volume: $7,893,177,378.86
Major supply zones: $220, $240, $260
Major demand zones: $120, $100, $80

Solana (SOL) Price Long-Term Prediction: Bullish

Solana’s price trades above the moving average lines but faces its first hurdle at $227. For the past week, bulls and bears have been battling for price control above the 21-day SMA support and below the recent high. Buyers drove the price to a high of $237 before retreating. If buyers succeed, Solana will reach a high of $260. Today, the crypto asset is dropping towards the 21-day SMA support.

On the negative, if the bears break through the 21-day SMA support, Solana will move above the 50-day SMA support. It will eventually fall to $191. Currently, the altcoin is sitting above the 21-day SMA support, indicating a possible rise. As of this writing, Solana is worth $227.

Solana (SOL) Price Indicator Analysis

Since October 2, the price bars have been above the upward-sloping moving average lines. Buyers are defending the 21-day SMA support as they attempt to push the price above the $240 barrier. On the 4-hour chart, the price bars are lower than the horizontal moving average lines.

What Is the Next Move for Solana (SOL)?

Solana’s price is trading sideways but faces its first hurdle at $227. On the 4-hour chart, the altcoin has fluctuated above $215 and below the $240 high. The first obstacle to the upward movement is the $227 barrier. The cryptocurrency asset remains favorable as it trades in the bullish trend zone on the daily chart.

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