Solana Holds Above $27 As Buyers Push Price Above $30 High

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Key Highlights
Solana declines to the $27 low but pulls back
SOL/USD reaches an oversold region

Solana ( SOL) Current Statistics
The current price: $29.87
Market Capitalization: $15,282,777,298
Trading Volume: $545,039,247
Major supply zones: $50, $70, $90
Major demand zones: $40, $20, $10

Solana (Sol) Price Analysis October 15, 2022
Solana’s (SOL) price is in a sideways move as buyers push price above $30 high. On October 13, Solana declined to the low of $27 but the bulls bought the dips. However, the selling pressure has resumed as the altcoin faced another rejection at $32. The altcoin may decline to the low of $25 if the selling pressure persists. Today, the altcoin is trading at $29 at the time of writing. Solana will trend upward if the current support holds. It will resume its sideways move between $30 and $35 price levels.

Solana Holds Above $27 as Buyers Push Price above $30 High
SOL/USD – Daily Chart

Solana Technical Indicators Reading
Because of the recent decline, Solana is at level 36 of the Relative Strength Index for period 14. It is reaching the oversold region of the market. The price bars are well below the moving average lines indicating a further decline. The altcoin is in a bearish momentum as it is below the 40% range of the daily stochastic.

Conclusion
Solana has continued its downward move as buyers push price above $30 high. The altcoin will decline to $25 if it loses its current support. On the other hand, Solana will rise to the previous highs if the current support holds.

Solana Holds Above $27 as Buyers Push Price above $30 High
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.