Solana (SOL) prices have started to drift sideways after recovering above the $156 support level.
Solana price long-term prediction: ranging
Over the past week, the altcoin has been trading above the $155 support but below the $185 resistance. Solana reached a high of $206 in the last price action before being pushed back into the overbought zone. The altcoin has fallen and is now trading in a range below its breakout level of $185.
On August 11, the altcoin was knocked back at the $185 barrier, but the bulls took advantage of the dips and pushed the price above the 21-day SMA support. The altcoin is rising in value and approaching the $185 barrier. A break above the $185 barrier will push the asset to return to its previous high at $206. Otherwise, the crypto price will continue to fluctuate between $155 and $185. Today, the price of Solana stands at $184.
SOL price indicator analysis
Today, the crypto price has broken the 21-day SMA as the altcoin has started its uptrend. The price bars are above the horizontal moving average lines. There are long candlesticks pointing above the $185 level, indicating strong selling pressure.
Technical indicators
Key supply zones: $220, $240, $260
Key demand zones: $140, $120, $100
What is the next move for Solana?
The price of Solana has recovered above the moving average lines and continued its uptrend to the previous high of $206. Buyers are trying to sustain the bullish momentum above the $185 level.
On the 4-hour chart, this is the third time that buyers are pushing the price above the $185 resistance. If the price fails to move higher, the move will continue within the trading range.
Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.
Source: https://coinidol.com/solana-drifts-sideways/
