Key Highlights
Solana reaches the oversold region
SOL/USD may find support above $18
Solana ( SOL) Current Statistics
The current price: $18.50
Market Capitalization: $9,969,772,04
Trading Volume: $633,839,274
Major supply zones: $60, $80,$100
Major demand zones: $50, $30, $10
Solana (Sol) Price Price Long-Term Prediction: Bearish
The price of Solana (SOL) is falling below the moving average lines as it holds above $18. The previous sideways trend has been broken. Buyers made three failed attempts to keep the price above the $26 resistance level. As a result, Solana resumed its downtrend after falling below the moving average lines. The market has reached oversold territory as a result of the decline. Meanwhile, on the 25th of February, Solana made an upward correction, and the candle body tested the 61.8% Fibonacci retracement level. According to the correction, SOL will fall to the 1.618 Fibonacci extension level, or $18.04. The price action indicates that the altcoin is approaching the Fibonacci extension.
Solana (Sol) Price Indicator Analysis
On the Relative Strength Index for period 14, Solana is at level 33. As it approaches the oversold area of the market, the altcoin has decreased in price. The current decline is caused by the price bars being far below the moving average lines. The oversold area of the market is where Solana is trading. The daily Stochastic is below level 20 at this time.
What Is the Next Move for Solana (SOL)?
Solana approaches the market’s oversold zone as it holds above $18. If the altcoin finds support above $18, the selling pressure is likely to ease. As the market approaches oversold territory, buyers will emerge at lower levels of support to push prices higher.
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