Solana Is in a Sideways Move but Unable to Sustain above $39

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Key Highlights
Solana is fluctuating between $30 and $39
SOL/USD is making an upward correction

Solana ( SOL) Current Statistics
The current price: $34.16
Market Capitalization: $17,476,924,564
Trading Volume: $979,379,567
Major supply zones: $50, $70, $90
Major demand zones: $40, $20, $10

Solana (Sol) Price Analysis September 29, 2022
Solana’s (SOL) price declines to the low of $30 as it is unable to sustain above $39. Since August 28, the cryptocurrency has been trading in a tight range between $30 and $39 price levels. The altcoin will resume an uptrend if the price breaks the resistance at $39. A break above the $39 resistance will catapult Solana to the next resistance at $48. On the other hand, if the bears break below the $30 support, the coin will decline to the low of $26. In the meantime, SOL/USD is confined between the moving average lines. It is trading at $34 at the time of writing.

Solana Is in a Sideways Move but Unable to Sustain above $39
SOL/USD – Daily Chart

Solana Technical Indicators Reading
Solana is at level 52 of the Relative Strength Index for period 14. It is in the bullish trend zone and capable of rising to the upside. Solana’s price bars are between the moving average lines which indicates a possible range-bound move. The altcoin is below the 70% range of the daily stochastic. Solana is in a bullish momentum.

Conclusion
On the 1-hour chart, Solana is in an uptrend but unable to sustain above $39. Meanwhile, on the September 28 uptrend; a retraced candle body tested the 61.8 % Fibonacci retracement. The retracement suggests that Solana will rise to level 1.618 Fibonacci extension or level $34.88.

Solana Is in a Sideways Move but Unable to Sustain above $39
SOL/USD – 1 Hour 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.