Solana Swings Below $100 On Risk Of Decline

The price of Solana (SOL) is falling after reaching a high of $126.66. Price analysis by Coinidol.com.

Long-term forecast for the Solana price: bullish

Solana fell above the $97 support on December 28 and has resumed consolidation above it. Selling pressure has eased above the current support and moving average lines.

However, there are signs that the cryptocurrency will continue to fall. However, should the altcoin retrace and hold its position above the 21-day SMA, the current rally will resume. The previous high of $126 for Solana will be reached again. However, the current rally will end if the bears break above the 21-day SMA and the bearish momentum continues. The market will first fall above the 50-day moving average or low at $73.

Analysis of the Solana price indicator 

The cryptocurrency is still trading above the moving average lines despite the drop above the $100 support level. The coin will rise as long as the price bars remain above the 21-day SMA.

The price bars on the 4-hour chart are below the moving average lines, indicating that the cryptocurrency will continue to fall.

Technical indicators

Important supply zones: $80, $90, $100

Important demand zones: $60, $50, $40

What is the next development of Solana?

After the pullback, Solana is back in the bullish trend zone. Solana is falling below the moving average lines on the 4-hour chart. The price of Solana experienced an upward correction on December 26, and a retracing candlestick body tested the 61.8% Fibonacci retracement level. The upward correction suggests that Solana will fall to the 1.618 Fibonacci extension level or $86.05.

Coinidol.com reported before that on December 22, Solana reached the $100 level before falling back to the $92 support. On December 34 the market has fluctuated between $92 and $100.  

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do the research before investing in funds.

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• Source: https://coinidol.com/solana-swings-below/