Solana Continues to fall as It Aims for the $4.57 Low

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Key Highlights
Solana resumes selling pressure as it breaks $11 support
The altcoin risks decline to $4.57

Solana ( SOL) Current Statistics
The current price: $11.29
Market Capitalization: $6,066,260,690
Trading Volume: $137,317,656
Major supply zones: $60, $80,$100
Major demand zones: $50, $30, $10

Solana (Sol) Price Analysis December 27, 2022
Solana (SOL) price is falling below the moving average lines as it aims for the $4.57 low. The price of the crypto is retracing beneath the moving average lines. Although there has been no change in the price movement, it is slightly falling to the downside. Sellers have breached the $11.00 level of current support. These candlesticks show that market participants are unsure of the direction of the market. The price movement has remained unchanged as a result of the presence of Doji candlesticks. No longer is there any apparent backing or opposition. Solana is currently available for $12.46.

Solana Continues to fall as It Aims for the $4.57 Low
SOL/USD – Daily Chart

Solana Technical Indicators Reading
On the Relative Strength Index for period 14, Solana is at level 31. As the market consolidates, the price indicator has horizontalized. The moving average lines are below the price bars, indicating a potential decline. The Solana level is below the daily Stochastic level of 20, which indicates bearish fatigue. The market is said to be oversold.

Conclusion
Solana is trading at the bottom of the chart as it aims for the $4.57 low. The market has reached its limit of bearishness. Solana made an upward correction on the November downtrend, and a candle body tested the 78.6% Fibonacci retracement level. The correction foresees a decline in SOL, but also a reversal at the level of the 1.272 Fibonacci extension, or $4.57.

Solana Continues to fall as It Aims for the $4.57 Low
SOL/USD – Daily 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.