Solana Drops Sharply as It Consolidates Above $28

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Solana (SOL) Current Statistics
The current price: $45.22
Market Capitalization: $3,792,650,136
Trading Volume: $1,021,108,537
Major supply zones: $100, $120, $140
Major Demand zones:$80,$60,$40

Solana (SOL) Price Analysis June 14, 2022
Solana’s (SOL) price is in a downtrend as it consolidates above $28. Since May 12, the cryptocurrency has been trading between $37 and $60 price levels. The bulls faced rejection at the $58 high and further upward moves were restricted by the 21-day line SMA. On June 10, the bears broke the previous low at $37 and resumed selling pressure. Solana has declined to the low of $26 as the market reached the oversold region. The market has reached bearish exhaustion.

Solana Drops Sharply as It Consolidates Above $28
SOL/USD – Daily Chart

Solana (SOL) Technical Indicators Reading
Solana is at level 27 of the Relative Strength Index for period 14. The altcoin has fallen to the oversold of the market. The bearish trend is likely to subside. Buyers will take control of prices in the oversold region. Solana is below the 20% range of the daily stochastic. The altcoin is trading in the oversold region of the market. The crypto’s price bars are below the moving averages indicating further price fall.

Conclusion
SOL/USD has further declined below the previous low as  it consolidates above $28. The altcoin is consolidating above the $28 support. Meanwhile, on May 11 downtrend; a retraced candle body tested the 78.6 % Fibonacci retracement level. The retracement indicates that Solana will fall to level 1.272 Fibonacci extensions or $27.84.

Solana Drops Sharply as It Consolidates Above $28
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.