Solana’s Price Remains below the $160 Mark

Key Highlights
Solana’s price faces the barrier at $160
The altcoin risks a possible decline
  
 Solana (SOL) Current Statistics
The current price: $146.28
Market Capitalization: $84,377,758,332
Trading Volume: $1,076,166,586
Major supply zones: $180, $200, $220
Major demand zones: $100, $80, $60

Solana (SOL) Price Long-Term Prediction: Bearish
Since April 13, 2024, Solana (SOL) has been trading in a range below the $160 mark. The bulls broke above the 21-day SMA barrier but were unable to maintain their bullish momentum above the 50-day SMA or the $160 resistance level. Solana is currently caught between the moving average lines.

On the upside, if the bulls cross the 50-day SMA, the altcoin will resume a bullish trend and reach its previous high of $210. Conversely, if the bear’s breach is below the 21-day SMA, the market would fall to its prior low of $127. In the meantime, SOL/USD is currently valued at $146.

Solana (SOL) Price Indicator Analysis 
Since May 3, the price bars have remained between the moving average lines. It implies that the altcoin’s price will fluctuate inside the moving average lines. The bears are re-testing the 21-day SMA for a potential breakdown.

What Is the Next Move for Solana (SOL)?
Solana’s price has remained unchanged below the $160 mark. Buyers were unable to keep the price above the barrier of $160, resulting in the drop. There is likely to be more selling pressure if the bears break the 21-day SMA support. The crypto signal will be negative if the bears are successful.

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