Solana Revisits Its Previous Low as It Holds above $37

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Solana (SOL) Current Statistics
The current price: $38.66
Market Capitalization: $19,841,422,085
Trading Volume: $1,902,087,019
Major supply zones: $280, $300, $320
Major Demand zones:$160,$140,$120

Solana (SOL) Price Analysis June 7, 2022
Solana’s (SOL) price is in a downtrend as it holds above $37. The cryptocurrency is likely to further decline to the lows of $27 and $30 price levels. However, further upward moves by the coin are being rejected by the 21-day line SMA. On the upside, Solana may rebound, if the altcoin finds support above the $37 or $35 low. A price rebound will break above the 21-day line SMA and rally to the 50-day line SMA. In the meantime, the coin is still on a downward move

Solana Revisits Its Previous Low as It Holds above $37
SOL/USD – Daily Chart

Solana (SOL) Technical Indicators Reading
The altcoin is at level 35 of the Relative Strength Index for period 14. It is in the downtrend zone and it is approaching the oversold region of the market. Solana is below the 40% range of the daily stochastic. The altcoin is in a bullish momentum. The crypto’s price bars are below the moving averages indicating further price fall. The 21-day line SMA is the resistance line. The 21-day line and the 50-day line SMAs are sloping downward indicating the downtrend.

Conclusion
SOL/USD is in a downtrend as it holds above $37. The crypto may further decline if the support is breached. Meanwhile, on May 12 downtrend; a retraced candle body tested the 78.6 % Fibonacci retracement level. The retracement indicates that Solana will fall to level 1.272 Fibonacci extensions or $27.84.

 Solana Revisits Its Previous Low as It Holds above $37
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.