Solana Nears Exhaustion as It Remains above the $12 Low

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Key Highlights
Solana rises over the $13 support
SOL/USD is moving in a range

Solana ( SOL) Current Statistics
The current price: $13.18
Market Capitalization: $7,075,144,984
Trading Volume: $190,299,441
Major supply zones: $60, $80,$100
Major demand zones: $50, $30, $10

Solana (Sol) Price Analysis December 12, 2022
Solana (SOL) price fluctuates in price between $11 and $16 as it remains above the $12 low. The price movement is represented by Doji candlesticks, which are characterized by their small bodies and ambiguity. These candlesticks demonstrate that neither sellers nor buyers are certain of the market’s direction. The bears have had enough of the downturn. No longer is there any visible support or resistance. Pricing hasn’t changed all that much. Solana is now trading at $13.17.

Solana Nears Exhaustion as It Remains above the $12 Low
SOL/USD – Daily Chart

Solana Technical Indicators Reading
Solana is at level 37 on the Relative Strength Index for period 14. The price indicator has horizontalized as the market consolidates. The price bars are below the moving average lines, which implies a potential decline. Solana is in negative momentum and below the daily Stochastic level of 25.

Conclusion
Solana reaches bearish exhaustion as it remains above the $12 low. The price has continued to consolidate above the current support. The price signal has gotten worse, and Solana may drop as low as $5.29.

Solana Nears Exhaustion as It Remains above the $12 Low
SOL/USD – Daily 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.