Solana Decreases as It Returns to Its Prior $20 Low

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Key Highlights
Solana has declined above $22 support
SOL/USD will revisit the previous low at $20

Solana ( SOL) Current Statistics
The current price: $22.01
Market Capitalization: $11,887,998,607
Trading Volume: $323,071,288
Major supply zones: $60, $80,$100
Major demand zones: $50, $30, $10

Solana (Sol) Price Price Long-Term Prediction: Bearish
Solana (SOL) declines as it returns to its prior $20 low. The price of the cryptocurrency has attempted to break above the 21-day line SMA several times since the fall on February 28. As a result, the altcoin will keep decreasing until it reaches its previous low of $20. Since January 18, the previous low at $20 is the area that is oversold. The altcoin has continued to trade above the $20 level of support. Selling pressure will relax at the previous low as buyers reach the oversold region. Due to purchasers’ inability to overcome the $26 overhead barrier, the previous trend was sideways. As of this writing, SOL is trading for $22.07.

Solana (Sol) Price Indicator Analysis
Solana is in the negative trend zone with the Relative Strength Index for period 14 at level 46. The cryptocurrency’s price is currently declining. Given that the price bars are below the moving average lines, a price drop is possible. While slowing down, the bullish momentum is still above the daily Stochastic mark of 25.

What Is the Next Move for Solana (SOL)?
Solana is currently trading above the $22 support level as it returns to its prior $20 low. If the altcoin does not climb above the moving average lines, it will fall further. On the February 22 fall, Solana had an upward corrective, and a candle body tested the 61.8% Fibonacci retracement line. According to the correction, SOL will fall to the Fibonacci extension level of 1.618, or $20.98.

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