Solana (SOL) has experienced a surge in buyer activity, propelling its price above $140. In a recent analysis conducted by Coinidol.com, it was revealed that SOL has encountered resistance at $160 on multiple occasions since August 8th, but has failed to break through. The market is currently oscillating between the $130 to $160 range, with the potential to either surpass the lower price threshold or dip below the moving average lines.
However, SOL has recently surpassed the 21-day SMA support level and resumed its upward trajectory. Should buyers manage to breach the $160 resistance level, the cryptocurrency is anticipated to reach its previous highs of $185 and $194. However, if the bullish trend falters, Solana will likely remain range-bound between $130 and $160. At present, the altcoin is valued at $152.
According to indicators on the daily chart, SOL is positioned above the moving average lines, suggesting a continued upward momentum. On the 4-hour chart, the price bars indicate sideways movement as they hover between the moving average lines.
Key supply zones for Solana include $200, $220, and $240, while key demand zones are situated at $120, $100, and $80.
On the 4-hour chart, Solana is currently engaged in an upward correction phase while simultaneously trading sideways. However, this correction appears to have reached its apex as the cryptocurrency dips below the 21-day SMA. The altcoin’s future trajectory will largely depend on whether it can break through the moving average lines.
It is important to note that the analysis and forecast presented here are the personal opinions of the author and should not be misconstrued as a recommendation or endorsement to buy or sell cryptocurrency. Readers are advised to conduct their own research before making any investment decisions.