Solana Falls Significantly as It Targets the $5.66 Low

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Key Highlights
Solana is in strong bearish momentum
SOL/USD risks decline to $5.66

Solana ( SOL) Current Statistics
The current price: $11.41
Market Capitalization: $6,091,656,560
Trading Volume: $425,270,872
Major supply zones: $60, $80,$100
Major demand zones: $50, $30, $10

Solana (Sol) Price Analysis October 22, 2022
Solana (SOL) is in a downtrend as it targets the $5.66 low. As the altcoin approaches the oversold area of the market, the selling pressure can continue. Under the moving average lines, the coin’s price has changed direction. The price of the cryptocurrency has surpassed the region between the moving average lines. As sellers breach below the moving average lines, the cryptocurrency is heading downward in trend. The moving average lines have been considerably breached by the cryptocurrency. At $11.57, the altcoin has reached a new low. As the existing support is broken, the selling pressure has returned.

Solana Falls Significantly as It Targets the $5.66 Low
SOL/USD – Daily Chart

Solana Technical Indicators Reading
In the oversold region, Solana is at level 26 on the Relative Strength Index for period 14. Because the price bars are lower than the moving average lines, the decline is expected to continue. At level 20 of the daily stochastic, Solana is in the oversold area.

Conclusion
Solana has attained bearish exhaustion and has dipped into the oversold area as it targets the $5.66 low. Solana had an upward reversal during the downturn on November 9 and a candle body tested the 78.6% Fibonacci retracement line. According to the correction, Solana will drop to level 1.272 of the Fibonacci extension, or $5.66.

Solana Falls Significantly as It Targets the $5.66 Low
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.