Solana Rebounds Above Current Support but May Face Rejection at $44.50

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Key Highlights
Solana is in a downward correction
SOL/USD fluctuates in a range

Solana ( SOL) Current Statistics
The current price: $39.40
Market Capitalization: $20,165,222,122
Trading Volume: $1,849,356,164
Major supply zones: $50, $70, $90
Major demand zones: $40, $20, $10

Solana (Sol) Price Analysis August 3, 2022
Solana’s (SOL) price is in an upward correction but may face rejection at $44.50. The altcoin is above the 50-day line SMA but below 21 -the day line SMA. Solana will trend when the moving average lines are breached. On the upside, if the bulls breach the 21 -day line SMA, the Solana will reach the high of $60. Similarly, if the bears break below the 50 -day line SMA, the altcoin will decline to either  $31 or $26 low. However, the price movement is insignificant because of the presence of small body indecisive candlesticks called Doji.

Solana Rebounds Above Current Support but May Face Rejection at $44.50
SOL/USD – Daily Chart

Solana Technical Indicators Reading
Solana is at level 49 of the Relative Strength Index for period 14. It indicates there is a balance between supply and demand. The 21-day SMA and 50-day SMA are sloping upward indicating the upward correction. The altcoin is below the 40% range of the daily stochastic. It indicates that the altcoin is in a bearish momentum.

Conclusion
Solana is still in a downward correction but may face rejection at $44.50. The price movement has been stagnant because of the presence of indecisive candlesticks called Doji. The candlestick is indicating indecision between buyers and sellers.

Solana Rebounds Above Current Support but May Face Rejection at $44.50
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.