Solana Uses The $165 Low As Support And Maintains Its Ascent

Key Highlights
Solana approaches the high of $188
The crypto asset is facing resistance

Solana (SOL) Current Statistics
The current price: $185.10
Market Capitalization: $107,525,039,360
Trading Volume: $2,445,101,556
Major supply zones: $180, $200, $220
Major demand zones: $100, $80, $60

Solana (SOL) Price Long-Term Prediction: Bullish
Solana (SOL) has returned to its historical price level of May 21 as it uses the $165 low. On May 21, the cryptocurrency hit a high of $188. On July 21, buyers drove the altcoin to a high of $185, but the positive momentum failed to rise above the current high.

This has caused Solana to fall to $165 low but the bulls purchased the dips. On the upside, if the bulls break the initial resistance level at $188, the market will surge to the highs of $204 and $210. Nonetheless, Solana will enter a sideways trend where it fails to break above its recent highs.

The altcoin will trade above the 21-day SMA but below the resistance level at $188. Solana was trading at $185 at the time of writing.

Solana (SOL) Price Indicator Analysis 
Solana price bars are above the moving average lines, but additional rejection is expected at the $188 resistance level. The moving average lines on the 4-hour chart are sloping horizontally following the uptrend’s termination on July 21. The price bars alternate between being below and above the moving average lines as long as the sideways trend continues.

What Is the Next Move for Solana (SOL)?
Solana is in a rally as it uses the $165 low. On the 4-hour chart, the altcoin trades above the $166 support but below the $190 resistance level. Buyers are pushing the cryptocurrency for the second time, hoping to break past the barrier level. The crypto signal remains strong as it trades above the moving average lines.

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