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

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 the $44 High
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 the $44 High
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
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 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
Share with other traders!

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.