The worth of Solana (SOL) is falling after reaching a historic excessive of $260 on November 22. Right this moment, the altcoin has fallen above the 21-day SMA.
Solana worth long run forecast: bullish
The uptrend will resume if the altcoin retraces and stays above the 21-day SMA. The cryptocurrency will rise and retest the overhead resistance at $260. The altcoin will rise to $280 if the current excessive is damaged. If the bears break the 21-day SMA assist, the altcoin will drop additional to a low above the 50-day SMA.
Nonetheless, a break under the shifting common traces would imply a resumption of the decline. The altcoin will fall to assist ranges above $160. Within the meantime, the worth of Solana stands at $240.
Evaluation of Solana worth indicators
Solana has resumed promoting strain because it pulls again above the 21-day SMA. The 21-day SMA is the assist degree the place SOL rises. The cryptocurrency will rise and retest the overhead resistance at $260 and should rise to $280 if the latest excessive is damaged.
Ought to the bears break under the 21-day SMA assist, the altcoin will fall additional to a low above the 50-day SMA. Nonetheless, a break under the shifting common traces would imply a resumption of the decline. The altcoin will fall to assist ranges above $160. Within the meantime, the worth of Solana stands at $229.
Evaluation of SOL worth indicators
Solana has resumed promoting strain because it retraces above the 21-day SMA. The 21-day SMA is the assist degree the place the crypto is rising. The present rise will finish if the assist degree is damaged. On the 4-hour chart, the value of the cryptocurrency is under the shifting common traces, indicating a downtrend.
Technical indicators
Key provide zones: $200, $220, $240
Key demand zones: $120, $100, $80
What’s the subsequent transfer for Solana?
Solana has fallen under the shifting common traces on the 4-hour chart. On the draw back, promoting strain will proceed till it reaches a low above $220. The worth of the cryptocurrency is at present above the $228 provide. Right this moment, an extended candlestick tail signifies present assist. This exhibits sturdy shopping for strain on the present assist.
Disclaimer. This evaluation and forecast are the private opinions of the writer. They don’t seem to be a suggestion to purchase or promote cryptocurrency and shouldn’t be seen as an endorsement by CoinIdol.com. Readers ought to do their analysis earlier than investing in funds.
