Solana Resumes Downtrend as It Revisits the $34 Low

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Key Highlights
Solana declines to the low of $34
SOL/USD resumes downtrend

Solana ( SOL) Current Statistics
The current price:$35.41
Market Capitalization: $18,118,774,116
Trading Volume: $927,947,020
Major supply zones: $50, $70, $90
Major demand zones: $40, $20, $10

Solana (Sol) Price Analysis August 24, 2022
Solana’s (SOL) price is in a downtrend as it revisits the $34 low. The downtrend was caused by buyers’ inability to break the $48 overhead resistance. The cryptocurrency dropped to the low of $34 and resumed consolidation above it. On the downside, if the bears break below the current support, the market will decline to the low of $26. On the upside, if the price rebounds above the current support, Solana will rally back to the $48 overhead resistance. In the meantime, the coin is trading above the $34 support.

Solana Resumes Downtrend as It Revisits the $34 Low
SOL/USD – Daily Chart

Solana Technical Indicators Reading
Solana is at level 39 of the Relative Strength Index for period 14. The altcoin is in the bearish trend zone because of the recent decline. The crypto’s price bars are below the 21-day SMA and the 50-day SMA which indicates further decline. The altcoin is below the 40% range of the daily stochastic. Solana is in a bearish momentum.

Conclusion
Solana is in a downtrend and may further decline as it revisits the $34 low. On a weekly chart, a retraced candle body tested the 78.6 % Fibonacci retracement on March 28. The retracement suggests that Solana will fall to level 1.272 Fibonacci extension or level $23.26.

Solana Resumes Downtrend as It Revisits the $34 Low
SOL/USD – Weekly 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.