Key Highlights
Solana is confined in a range between $22 and $26
SOL/USD is stuck at the recent high
Solana ( SOL) Current Statistics
The current price: $23.96
Market Capitalization: $12,945,676,044
Trading Volume: $654,589,761
Major supply zones: $60, $80,$100
Major demand zones: $50, $30, $10
Solana (Sol) Price Analysis February 7, 2022
Solana’s (SOL) price is under selling pressure as it revisits the $26 high. Since January 14, the present upswing has come to an end as buyers were unable to maintain bullish momentum over the $26 barrier line. The altcoin fell below the 21-day moving average line but rose over the 50-day SMA on February 5. The altcoin dropped to a low of $22.50 yesterday before pulling back. The moving average lines are currently being traded by Solana. When the moving average lines are crossed, the price of the cryptocurrency will trend. In other words, the altcoin’s price has fallen to the price range between $20 and $26. Positive momentum will reappear if the coin breaks above the SMA of the 21-day line. In addition, Solana will drop even further if the $20 support is shattered.
Solana Technical Indicators Reading
At level 55 of the Relative Strength Index for period 14, Solana is in the bullish trend zone. The price bars are between the moving average lines, forcing the coin to move in a range. Above the daily Stochastic threshold of 60, the altcoin is in a bullish trend.
Conclusion
Buyers have been unable to break through the recent high as it revisits the $26 high. The altcoin trades in a constrained band between $22 and $26. Due to its confinement between the moving average lines, the cryptocurrency asset will continue to move in a range. When the moving average lines are broken, the cryptocurrency will climb or fall.
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