Solana Is in a Downward Correction, Resumes Selling Pressure

Solana faces rejection at $156 high
SOL/USD may decline to $131 low

Solana (SOL) Current Statistics
The current price: $139.16
Market Capitalization: $71,139,011,270
Trading Volume: $1,403,658,472
Major supply zones: $280, $300, $320
Major demand zones: $160, $140, $120

Solana (SOL) Price Analysis January 17, 2022
Solana’s (SOL) price faces rejection at $156 as the altcoin resumes selling pressure . On January 13, buyers pushed the altcoin to the high of $156 but were repelled. Solana dropped to $143 low and corrected upward to retest the $151 high. Today, the selling pressure is ongoing. The market may decline to the low of $130.00 which is the previous low of January 10.

Solana (SOL) Technical Indicators Reading
Solana is at level 36 of the Relative Strength Index for period 14. The cryptocurrency is in the downtrend zone. It is retracing after a recent rejection at $156 high. The altcoin has a bearish crossover. The 21-day line SMA crosses below the 50-day line SMA indicating a sell order. SOL/USD is below the 20% range of the daily stochastic. It indicates that the market has reached the oversold region of the market. The selling pressure may subside. The crypto’s price bars are below the 21-day SMA and the 50-day SMA indicating a further downward move.

Conclusion
Solana is in a downward move as it resumes selling pressure . The crypto corrected upward but was repelled at the $156 high. The crypto is falling after breaking below the moving averages. Meanwhile, on December 14 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Solana will fall to level 1.618 Fibonacci extensions or $81.34.

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