Solana Declines to an Oversold Region, Unable To Sustain Above $200

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Solana consolidates above $130
SOL/USD reaches an oversold region

Solana (SOL) Current Statistics
The current price: $135.80
Market Capitalization: $69,185,352,074
Trading Volume: $2,037,799,674
Major supply zones: $280, $300, $320
Major demand zones: $160, $140, $120

Solana (SOL) Price Analysis January 10, 2022
Solana’s (SOL) price has continued its downward move but unable to sustain above $200. Buyers fail to keep price above the $200 high. On December 27 uptrend, the bulls broke above the moving averages but failed to keep the price above the $200 high. Consequently, SOL/USD was repelled as the altcoin dropped to the low of $133. In the previous price slump to $148 low, the altcoin was repelled at the high of $240. Today, the cryptocurrency has reached the low of $133 and a further downward move is unlikely.

Solana Declines to an Oversold Region, Unable To Sustain Above $200
SOL/USD – Daily Chart

Solana (SOL) Technical Indicators Reading
Solana is now at level 30 of the Relative Strength Index for period 14. SOL/USD has reached the oversold region of the market. The Selling pressure is likely to subside or end. Buyers are expected to emerge to push prices upward. The crypto’s price bars are below the 21-day SMA and the 50-day SMA indicating a further downward move.

Conclusion
Solana  is consolidating above $130 support but unable to sustain above $200. The cryptocurrency has reached bearish exhaustion. Meanwhile, on December 13 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Solana will fall to level 1.618 Fibonacci extensions or $81.34.

Solana Declines to an Oversold Region, Unable To Sustain Above $200
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.