Solana Consolidates as Traders Remain Unsure of the Market’s Direction

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Key Highlights
Solana consolidates above $11.57
SOL/USD is in a sideways trend

Solana ( SOL) Current Statistics
The current price: $12.45
Market Capitalization: $6,673,442,632
Trading Volume: $180,828,651
Major supply zones: $60, $80,$100
Major demand zones: $50, $30, $10

Solana (Sol) Price Analysis December 18, 2022
Solana’s (SOL) price is settling above the $11.57 support as traders remain unsure of the market’s direction. Doji candlesticks are employed to represent price fluctuation because of their small bodies and ambiguity. These candlesticks demonstrate that traders are unsure of the market’s direction. The existence of Doji candlesticks has caused the price movement to remain unchanged.s. There is no longer any visible support or opposition. The altcoin’s trading has been sporadic. Currently, the price of Solana is $12.46.

Solana Consolidates above $11.57 as Traders Remain Unsure of the Market’s Direction
SOL/USD – Daily Chart

Solana Technical Indicators Reading
Solana is at level 36 on the Relative Strength Index for period 14. The price indicator has horizontalized as the market consolidates. The price bars are below the moving average lines, which suggests a potential decline. The Solana level, which is going through bearish fatigue, is below the daily Stochastic level of 20. It is alleged that the market is oversold.

Conclusion
Solana is trading at the bottom of the chart as traders remain unsure of the market’s direction. Solana performed an upward corrective during the December 16 downturn, and a candle body tested the 78.6% Fibonacci retracement level. The correction predicts that SOL will decline, but that it will turn around the Fibonacci extension level of 1.272, or $11.41.

Solana Consolidates above $11.57 as Traders Remain Unsure of the Market’s Direction
SOL/USD – 4 Hour Chart

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.