Solana Retraces above $30 as It Resumes a Fresh Uptrend

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Key Highlights
Solana reaches bearish exhaustion
SOL/USD continues a sideways trend

Solana ( SOL) Current Statistics
The current price: $31.92
Market Capitalization: $16,328,872,473
Trading Volume: $1,248,070,002
Major supply zones: $50, $70, $90
Major demand zones: $40, $20, $10

Solana (Sol) Price Analysis October 31, 2022
Solana’s (SOL) price is in an upward correction but retraces above $30. The cryptocurrency has reversed beneath the SMA of the 50-day line. The crypto has started to trade in a range between the moving average lines once again. When the moving average lines are crossed, the altcoin will trend. Solana will go up if the 21-day line SMA support holds. It will increase and surpass the SMA during the 50-day period. The crypto’s price will increase and return to its prior highs of $36 and $40. The altcoin will return to its low price of $30 or $28 if it retraces and breaks below the 21-day line SMA.

Solana Retraces above $30 as It Resumes a Fresh Uptrend
SOL/USD – Daily Chart

Solana Technical Indicators Reading
On the Relative Strength Index for period 14, Solana is at level 52 as it awaits rejection at the most recent high. The cryptocurrency will be forced to make a range-bound move because the price bars are located between the moving average lines. As a result of being above the daily stochastic’s 40% zone, Solana is in a bullish momentum.

Conclusion
Solana is confined in a range but retraces above $30. The altcoin dropped below the oversold area on the 4-hour chart before starting to rise again. Solana had an upward correction during the October 31 downturn, and a candle body tested the 61.8% Fibonacci retracement level. According to the correction, Solana will drop to level 1.618 in the Fibonacci sequence, or $30.95.

Solana Retraces above $30 as It Resumes a Fresh Uptrend
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.