Solana Revisits and Holds above $30 Crucial Support

Updated:

Key Highlights
Solana revisits its previous low at $30 twice
SOL/USD resumes upward move

Solana ( SOL) Current Statistics
The current price: $31.07
Market Capitalization: $15,884,983,137
Trading Volume: $1,093,485,801
Major supply zones: $50, $70, $90
Major demand zones: $40, $20, $10

Solana (Sol) Price Analysis September 6, 2022
Solana’s (SOL) price is in a downtrend as it revisits and holds above $30 crucial support. Since the August 28 price slump, the cryptocurrency has been in a range bound move between $30 and $33 price levels. On September 6, buyers attempted to push the altcoin above the 21-day line SMA but were repelled. On the upside, if buyers push the altcoin above the 20-day line SMA, the cryptocurrency will rise to the high of $39. However, Solana will face selling pressure at the recent high. On the downside, if the bears break below the current support, the altcoin will decline to the low of $26.

Solana Revisits and Holds above $30 Crucial Support
SOL/USD – Daily Chart

Solana Technical Indicators Reading
Solana is at level 36 of the Relative Strength Index for period 14. The cryptocurrency is in the downtrend zone and may further decline. The crypto’s price bars are below the moving average lines which indicates further decline. The altcoin is below the 40% range of the daily stochastic. Solana is in a bearish momentum.

Conclusion
Solana has been in a sideways move since August 28. Today, the altcoin is rising after retesting the $30 support. 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 $30.38. From the price action, Solana has retested 1.272 Fibonacci extension twice and resumed upward .

Solana Revisits and Holds above $30 Crucial Support
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.