Solana Reaches Chart’s Bottom but May Reverse at the $5.35 Low

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Key Highlights
Solana declines steadily to the downside
It targets the low of $5.35

Solana ( SOL) Current Statistics
The current price: $9.60
Market Capitalization: $5,183,175,180
Trading Volume: $1,008,244,101
Major supply zones: $60, $80,$100
Major demand zones: $50, $30, $10

Solana (Sol) Price Analysis December 30, 2022
Solana’s (SOL) price is currently declining but may reverse at the $5.35 low. Due to the presence of Doji candlesticks, the price movement has been stagnant. The price of the cryptocurrency has fallen below its previous low point in February 2021. The $11 support was held in 2021 as the crypto resumed upside momentum. Solana fell to a low of $9.56 today, and sellers have breached the $11.00 support. It is trading in the oversold area of the market and at the bottom of the chart. At the time of writing, Solana is currently trading for $9.46.

Solana Reaches Chart’s Bottom but May Reverse at the $5.35 Low
SOL/USD – Daily Chart

Solana Technical Indicators Reading
For period 14, Solana is at level 23 on the Relative Strength Index. The oversold area of the market is where the cryptocurrency is currently trading. As the altcoin trades slightly to the downside, the RSI has remained stable. Solana is experiencing a bullish momentum above the daily Stochastic level of level 20.

Conclusion
Solana is steadily slipping downward but may reverse at the $5.35 low. The value of the cryptocurrency asset has significantly declined and reached the chart’s bottom. The price indicator predicts that Solana will continue to fall before turning around. On November 10, Solana made an upward correction, and the 78.6% Fibonacci retracement level was tested by a candle body. According to the correction, SOL will drop but will turn around at the level of the 1.272 Fibonacci extension, or $5.35.

Solana Reaches Chart’s Bottom but May Reverse at the $5.35 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.