CandleFocus Solana Recovers But Selling Pressure Is Present At $140
2024-09-15
Author: Content Editor
The price of Solana (SOL) has experienced a recovery after finding support above the $120 level. The cryptocurrency has surpassed the 21-day simple moving average, but faces resistance at recent highs. If buyers continue to prevail, the bullish momentum could lead SOL to the top of the 50-day SMA or $160. However, if SOL falls below the moving average lines, it will likely trade within a limited range. Currently, Solana is valued at $136 but risks rejection at the 21-day SMA. On the 4-hour chart, SOL's price bars have moved above the moving average lines, with Doji candlesticks influencing its movement. The key supply zones for SOL are $200, $220, and $240, while the key demand zones are $120, $100, and $80. It is important to note that this analysis is the personal opinion of the author and does not serve as financial advice.
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