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Solana is in a downward correction
SOL/USD may decline to the low of $114
Solana (SOL) Current Statistics
The current price: $167.92
Market Capitalization: $85,910,168,572
Trading Volume: $1,457,270,959
Major supply zones: $280, $300, $320
Major demand zones: $160, $140, $120
Solana (SOL) Price Analysis January 4, 2022
Solana’s (SOL) price is in a downward correction and it may revisit $148 or $140 low. On December 26 uptrend, buyers attempted to breach the $200 resistance but were repelled. Solana fell and broke below the moving averages. There is a tendency for the price to revisit the previous low at $148. Nonetheless, if Solana loses the $148 support, the market will further decline to $140 or $115 price levels.
Solana (SOL) Technical Indicators Reading
The recent decline of Solana has pushed the altcoin to the low of level 41 of the Relative Strength Index for period 14. SOL/USD is in the downtrend zone and capable of a further down downward move. Solana is below the 20% range of the daily stochastic. The cryptocurrency has fallen to the oversold region of the market. Buyers are expected to emerge to push prices upward. At the same time, the selling pressure is likely to subside.
Conclusion
Solana is in a downward move and it may revisit $148 or $140 low. Further selling pressure is doubtful as price falls into the oversold region of the market. Meanwhile, on November 18 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Solana will fall to level 2.0 Fibonacci extensions or $114.64.
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