Solana (SOL) continued its uptrend, reaching its previous high of $206 for the third time on August 24.
In the two previous rallies, the price rose to a high of $206 but was pushed back. The altcoin fell below the moving average lines, but the bulls bought the dips.
Solana price long-term prediction: bullish
Today, the cryptocurrency has risen and is retesting the $206 level. If the current high is broken, Solana will rise to the next resistance at $260.
However, it may return to its range of $160 to $206 if the altcoin falls below its recent high.
SOL price indicators analysis
The crypto price bars have risen well above the horizontal moving average lines. The 21-day SMA is above the 50-day SMA, indicating an uptrend. The extended candlestick wicks pointing above the $206 level indicate significant selling pressure at the recent high.
Technical indicators
Key supply zones: $220, $240, $260
Key demand zones: $140, $120, $100
What is the next move for SOL?
On the 4-hour chart, SOL is trading in a narrow range above the $200 support and below the resistance at $206. The altcoin’s uptrend will continue if it recovers and breaks above the moving average lines.
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.
