Solana Resumes Downtrend as It Fails to Break the $48 Overhead Resistance

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Key Highlights
Solana declines to the range-bound zone
SOL/USD reaches an oversold region

Solana ( SOL) Current Statistics
The current price: $40.69
Market Capitalization: $20,840,736,461
Trading Volume: $1,341,322,929
Major supply zones: $50, $70, $90
Major demand zones: $40, $20, $10

Solana (Sol) Price Analysis August 17, 2022
Solana’s (SOL) price is in an upward correction as it fails to break the $48 overhead resistance. The crypto’s price is declining as it broke below the 21-day line SMA but found support above the 50-day line SMA. The cryptocurrency will be fluctuating between the moving average lines for a few days. The altcoin will trend when the moving average lines are breached. For instance, if the bears break below the 50-day line SMA, the market will decline to the low of $31 or $34 price level. On the upside, if the bulls break the 21-day line SMA, Solana will rise to the resistance at $48. The altcoin will further rise to $59 when the resistance is breached.

Solana Resumes Downtrend as It Fails to Break the $48 Overhead Resistance
SOL/USD – Daily Chart

Solana Technical Indicators Reading
Solana is at level 48 of the Relative Strength Index for period 14. The altcoin is in the bearish trend zone because of the recent decline. The crypto has commenced a range-bound move as it is trading between the 21-day SMA and 50-day SMA. The altcoin is below the 20% range of the daily stochastic. Solana has fallen to the oversold region of the market. The selling pressure has subsided.

Conclusion
Solana has ended its selling pressure as it fails to break the $48 overhead resistance. Meanwhile, on the August 16 downtrend, a retraced candle body tested the 61.8 % Fibonacci retracement. The retracement suggests that Solana will fall to level 1.618 Fibonacci extension or level $40.11.

Solana Resumes Downtrend as It Fails to Break the $48 Overhead Resistance
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.