Solana Loses $85 Support and Resumes Negative Momentum

Azeez Mustapha


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Key Highlights
Solana has resumed selling pressure
The altcoin risks decline above $61

Solana (SOL) Current Statistics
The current price: $85.37
Market Capitalization: $48.47B
Trading Volume: $2.66B
Major supply zones: $80, $90, $100
Major demand zones: $40, $30, $20

Solana (SOL) Price Long-Term Prediction: Bullish
Solana’s (SOL) price has fallen below the moving average lines as it resumes negative momentum. It had been caught between the moving average lines for two weeks before the latest decline. Today, the bear has broken below the moving averages.

The altcoin fell to a low of $82 before rising above its current support at $85. If the current support is breached, the altcoin’s value could fall. Solana’s price fell on January 3, but it recovered and a candle body tested the 50% Fibonacci retracement level.

According to the correction, Solana will fall further to level 2.0 of the Fibonacci extension, or $61.03.

Solana Loses $85 Support and Resumes Negative Momentum
SOL/USD – Daily Chart

Solana (SOL) Price Indicator Analysis
The price bars are below the moving average lines, accelerating the cryptocurrency’s downward trajectory. On the 4-hour chart, the moving average lines are making lower highs and lower lows, indicating a downtrend. Doji candlesticks characterize the price activity.

What Is the Next Move for Solana (SOL)?
Solana is declining after breaking below the current support as it resumes negative momentum. According to the price indication, the current slide is likely to reach a low of $61. On the downside, the altcoin will fall and find support above the breakeven point of $79.

Solana Loses $85 Support and Resumes Negative Momentum
SOL/USD – 4 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.

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