Solana Falls to a Low of $9.87, Indicating a Further Downturn

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Key Highlights
Solana consolidates above the $8.00 support
SOL/USD will further decline to a $5.35 low

Solana ( SOL) Current Statistics
The current price: $9.86
Market Capitalization: $5,300,475,836
Trading Volume: $190,488,379
Major supply zones: $60, $80,$100
Major demand zones: $50, $30, $10

Solana (Sol) Price Analysis December 31, 2022
Solana’s (SOL) price is currently trading at the chart’s bottom as it indicates a further downturn. Bulls purchased the dips as the altcoin fell to a low of $7.92 on December 9. The cryptocurrency asset has been consolidating over the $8.00 support for the last five days. The existence of Doji candlesticks has prevented any change in the price movement. The cryptocurrency’s price is now lower than when it hit its last low in February 2021. The crypto’s $11 support was held in 2021 as it started to rise again. It is trading at the bottom of the chart and in the oversold region of the market. Solana is presently trading at $9.87 as of this writing. However, there is a sign that prices will continue to decline.

Solana Falls to a Low of $9.87, Indicating a Further Downturn
SOL/USD – Daily Chart

Solana Technical Indicators Reading
Solana is at level 23 on the Relative Strength Index for period 14. The coin is now trading in the oversold region of the market. The RSI has not changed as the altcoin trades slightly lower. A bullish momentum is seen in Solana above the daily Stochastic level of level 20.

Conclusion
Solana is steadily slipping downward as it indicates a further downturn. The value of the cryptocurrency asset has significantly declined and reached the chart’s bottom. The price indicator predicts that Solana will continue to fall before turning around. On November 10, Solana made an upward correction, and the 78.6% Fibonacci retracement level was tested by a candle body. According to the correction, SOL will drop but will turn around at the level of the 1.272 Fibonacci extension, or $5.35.

Solana Falls to a Low of $9.87, Indicating a Further Downturn
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.