Solana Plunges to an Oversold Region at Level $19.40

Key Highlights
Solana plunges to $19 low
SOL/USD continues its bearish trend

Solana ( SOL) Current Statistics
The current price: $21.13
Market Capitalization: $11,265,773,787
Trading Volume: $5,520,859,359
Major supply zones: $60, $80,$100
Major demand zones: $50, $30, $10

Solana (Sol) Price Analysis October 8, 2022
Solana (SOL) has entered a decline as it fell to an oversold region at level $19.40. The price of the coin has reversed beneath the 50-day line SMA. The crypto’s price has broken the range between the moving average lines. The altcoin is trending southward as sellers breach below the moving average lines The cryptocurrency has fallen significantly below the moving average lines. The altcoin has dropped to a new low of $19.40.

Solana Technical Indicators Reading
Solana is at level 31 on the Relative Strength Index for period 14 as it falls into the oversold area. Since the price bars are below the moving average lines, selling pressure on the cryptocurrency has returned. Similar to Solana, the daily stochastic is below level 20. As the market approaches the oversold area, it is moving bearishly.

Conclusion
The price of Solana is declining as it falls to an oversold region at level $19.40. As it continues to fall, the altcoin breached the oversold region on the 4-hour chart. The price of the cryptocurrency dropped to a low of $19.40 before rising again. Once the market is overvalued, the selling pressure will stop.

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