Solana Hovers above $30 as It Risks Further Decline

Updated:

Key Highlights
Solana has reached bearish exhaustion
SOL/USD may revisit the previous low at $26

Solana ( SOL) Current Statistics
The current price: $31.23
Market Capitalization: $15,961,262,010
Trading Volume: $1,246,869,226
Major supply zones: $50, $70, $90
Major demand zones: $40, $20, $10

Solana (Sol) Price Analysis September 21, 2022
Solana’s (SOL) price is in a downtrend as it risks further decline. Since September 13, the altcoin has been in a downward move as buyers failed to keep the price above the moving average lines. The downtrend will commence if the bears break below the $30 support. The cryptocurrency will decline to the previous low at $26.

Solana Hovers above $30 as It Risks Further Decline
SOL/USD – Daily Chart

Solana Technical Indicators Reading
Solana is at level 42 of the Relative Strength Index for period 14. The crypto is in the downtrend zone and may further decline. Solana’s price bars are below the moving average lines which indicates further decline. The altcoin is below the 20% range of the daily stochastic. Solana has fallen to the oversold region of the market. The downtrend may subside.

Conclusion
On the 4-hour chart, Solana’s price is likely to further decline as it risks further decline. Meanwhile, on the August 28 downtrend; a retraced candle body tested the 61.8 % Fibonacci retracement. The retracement suggests that Solana will fall to level 1.618 Fibonacci extension or level $25.74. From the price action, the market has declined to the low of $19.28.

Solana Hovers above $30 as It Risks Further Decline
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.