The Recent Performance of Solana (SOL)
The price of Solana (SOL) has successfully weathered two challenging periods as sellers attempted to push the altcoin below the 21-day simple moving average.
Solana’s Long-Term Price Prediction: A Period of Ranging
Solana is currently demonstrating positive momentum, bouncing above the 21-day simple moving average. As of the latest update, the altcoin has achieved a high of $65.
Buyers are actively working towards reclaiming the higher price of $68. Upon surpassing the $68 resistance, the cryptocurrency’s value is anticipated to reach a high of $110. Conversely, Solana faces a potential decline if sellers manage to breach the 21-day SMA, with SOL/USD expected to fall and find support above the $51 low.
Meanwhile, the bullish momentum persists as the altcoin continues to trade above the moving average lines.
Analysis of Solana Price Indicators
Solana is currently trading sideways, with price bars positioned above the moving average lines. Since November 15, the altcoin has consistently traded above the 21-day simple moving average but remains below the $68 resistance level. A rejection at the $68 high could lead to a retest or breach of the 21-day SMA.
Technical Indicators
- Key Supply Zones: $60, $65, $70
- Key Demand Zones: $30, $25, $20
What’s Next for Solana?
Solana is currently in a ranging phase after breaking above the initial resistance at $62. The cryptocurrency is expected to revisit its high price of $68. Buyers have maintained the sideways trend above the moving average lines since the uptrend concluded on November 15. Should the $68 resistance be breached, the altcoin could resume its positive run.
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