Solana Is In A Downward Correction But Unable To Break The $44 High
Login

Solana Is In A Downward Correction But Unable To Break The $44 High

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

Solana (SOL) Current Statistics
The current price: $35.73
Market Capitalization: $18,197,099,295
Trading Volume: $1,181,805,638
Major supply zones: $100, $120, $140
Major Demand zones:$60,$40,$20

Solana (SOL) Price Analysis July 4, 2022
Solana’s (SOL) price is in a downward correction but it is unable to break the $44 high. In the previous price action, the bulls broke above the 21-day line SMA but could not breach the 50-day line SMA or the $44 high. Consequently, the altcoin declined below the moving averages. Today, the bulls have broken above the 21-day line SMA but the upward move is facing rejection. Nonetheless, Solana is retracing above the 21-day line SMA. The cryptocurrency will be compelled to a range-bound move if the 21-day line SMA holds. A break below the 21-day line SMA will indicate that  the coin is falling to revisit the previous low at $26 or $30.

Solana Is In A Downward Correction But Unable To Break theHigh
SOL/USD – Daily Chart

Solana (SOL) Technical Indicators Reading
Solana is at level 47 of the Relative Strength Index for period 14. It indicates the altcoin is in the bearish trend zone and capable of further decline. The crypto’s price is above the 21-day line SMA and below the 50-day line SMA indicating a possible range-bound move. The cryptocurrency is below the 40% range of the daily stochastic. The market is in a bearish momentum. The coin may decline.

Conclusion
Solana’s downtrend has subsided but the bulls were unable to break the $44 high. The coin is trading between the moving average lines. The uptrend will resume if the bulls break above the 50-day line SMA. In the same vein, the downtrend will resume if price breaks below the 21-day line SMA.

Solana Is In A Downward Correction But Unable To Break theHigh
SOL/USD – Daily Chart

You can purchase crypto coins here. Buy LBlock


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News