Solana Revisits Its Previous Low as It Faces Rejection at $39

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Solana (SOL) Current Statistics
The current price: $33.16
Market Capitalization: $16,963,445,469
Trading Volume: $1,022,717,275
Major supply zones: $100, $120, $140
Major Demand zones:$60,$40,$20

Solana (SOL) Price Analysis July 12, 2022
Solana’s (SOL) price is in a downward correction as it faces rejection at $39. On July 7 uptrend, the altcoin reached the high of $39 but the bulls failed to sustain the price above the 50-day line SMA. The cryptocurrency could have risen to the high of $48 but faced a decline. Solana has declined and it is retesting the current support at $31. On the downside, if the current support holds, the altcoin will be range-bound between $31 and $39 price levels, On the other hand, if the current support fails to hold, Solana will decline to the previous low at $26.

Solana Revisits Its Previous Low as It Faces Rejection at $39
SOL/USD – Daily Chart

Solana (SOL) Technical Indicators Reading
Solana is at level 41 of the Relative Strength Index for period 14. It indicates that the altcoin is in the bearish trend zone and may decline. The crypto’s price is below the 21-day line SMA and the 50-day line SMA indicating a possible decline. Solana is below the 30% range of the daily stochastic. The market is in a bearish momentum.

Conclusion
Solana’s downtrend has subsided since May 12 but it faces rejection at $39. In the meantime, the cryptocurrency is fluctuating between $26 and $39 price levels. The altcoin is declining to the lower price range. The sideways trend will continue if the current support holds. Buyers will be attracted to the oversold region of the market.

Solana Revisits Its Previous Low 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.