Solana Faces Its First Hurdle At $164

The price of Solana (SOL) has resumed its upward trend after falling to a low of $157.

Solana price long-term prediction: bullish

The upswing from July 11 was halted around the $168 level, as Coinidol.com wrote last week. According to the price indicator, Solana is expected to rise to a high of 1.618 Fibonacci extension or $180.35.

Currently, the uptrend is hitting a first resistance at the high of $164. On the upside, buyers are facing an uphill battle to bring the altcoin to the expected price level. The price of cryptocurrencies must rise to overcome the barriers of $164 and $168.

However, the bullish scenario will become meaningless if buyers fail to overcome the resistance levels. Solana will be forced to trade below the $164 level but above the moving average lines. Meanwhile, the price of the cryptocurrency has reached an initial resistance of $164. Solana is now worth $161.

Solana price indicators analysis

There are two extended candle wicks on July 11 and 14. The extended candlesticks signal strong selling pressure near the $168 mark. On the 4-hour chart, the price bars have crossed above the 21-day SMA, but then returned to the moving average lines.

Technical indicators

Key supply zones: $220, $240, $260

Key demand zones: $140, $120, $100

What’s the next move for Solana?

The price of Solana has stalled around $164 as the altcoin has resumed consolidation above the $160 support. The price of the cryptocurrency is stuck between the moving average lines on the 4-hour chart. There are two candlestick wicks and tails intersecting the moving average lines. The wick and tail of the candlestick are equally under selling and buying pressure.

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.