Solana Faces Stiff Rejection at $38 as It Targets the $25 Low

Key Highlights
Solana is confined in a range
SOL/USD resumes upward move

Solana ( SOL) Current Statistics
The current price: $33.83
Market Capitalization: $17,306,050,235
Trading Volume: $1,087,917,406
Major supply zones: $50, $70, $90
Major demand zones: $40, $20, $10

Solana (SOL) Price Analysis September 15, 2022
Solana’s (SOL) price is in a downward correction as it targets the $25 low. The crypto’s price breaks above the moving average lines but is stuck below the 50-day line SMA. Presently, Solana is confined between the moving average lines. The altcoin will trend when the moving average lines are breached. For instance, if price breaks above the 50-day line SMA, the coin will rally to the high of $47. However, since July 19, buyers have been making efforts to break the resistance at $47. Similarly, if sellers breach the 21-day line SMA, the market will decline to the low of $26. Today, SOL has fallen to the low of $33 but it is trading above the 21-day line SMA.

Solana Technical Indicators Reading
Solana is at level 47 of the Relative Strength Index for period 14. The crypto is in the downtrend zone despite the upward correction. Solana’s price bars are between the moving average lines which indicate a range-bound move. The altcoin is below the 50% range of the daily stochastic. Solana is in a bearish momentum.

Conclusion
Solana’s price is fluctuating in a tight range as it targets the $25 low. The selling pressure will resume if price breaks below the 21-day line SMA. On a weekly chart, a retraced candle body tested the 78.6 % Fibonacci retracement on March 28. The retracement suggests that Solana will fall to level 1.272 Fibonacci extension or level $25.74. From the price action, the market has declined to the low of $33.76.

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