Solana Resumes Selling Pressure as It Faces Rejection at $39

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Solana (SOL) Current Statistics
The current price: $35.07
Market Capitalization: $17,947,092,356
Trading Volume: $1,715,243,019
Major supply zones: $100, $120, $140
Major Demand zones:$60,$40,$20

Solana (SOL) Price Analysis June 21, 2022
Solana’s (SOL) price is in a downtrend as it faces rejection at $39 . The cryptocurrency is holding above the $26 support since June 13. The crypto’s price corrected upward but failed to break the 21-day line SMA. A break above the 21-day line SMA will propel the coin to rise above the 50-day line SMA. Today, the altcoin is facing rejection at the 21-day line SMA. The implication is that Solana will fall and revisit the previous low at $26. A break below the $26 support will indicate the resumption of the downtrend.

Solana Resumes Selling Pressure as It Faces Rejection at $39
SOL/USD – Daily Chart

Solana (SOL) Technical Indicators Reading
Solana is at level 42 of the Relative Strength Index for period 14. The altcoin is in the bearish trend zone and capable of falling as it faces rejection at the 21-day line SMA. Sol’s price bars are below the moving averages indicating further downward movement of prices. The cryptocurrency is below the 70% range of the daily stochastic. The market is in a bearish momentum.

Conclusion
Solana is in a downtrend as it faces rejection at $39 . The bearish trend has subsided after June 13 price slump. The altcoin is retracing as it faces rejection at the 21-day line SMA. The crypto will be compelled to a range-bound move if retraces and finds support above the $26 support.

Solana Resumes Selling Pressure as It Faces Rejection at $39
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.