Solana (SOL) Breaks $116 Resistance as the Altcoin Reaches an Overbought Region

Solana breaks above the $117 resistance altcoin reaches an overbought region
SOL/USD regains bullish momentum

Solana (SOL) Current Statistics
The current price: $117.89
Market Capitalization: $60,312,738,736
Trading Volume: $2,491,445,181
Major supply zones: $280, $300, $320
Major demand zones: $160, $140, $120

Solana (SOL) Price Analysis February 7, 2022
Solana’s (SOL) price is making positive moves as altcoin reaches an overbought region. The current bullish momentum is approaching the 50-day line moving average. Solana will resume upside momentum if price breaks above the 50-day line moving average. Presently, the downtrend has eased after the January 24 price slump. The uptrend is likely to be short-lived as the market approaches the overbought region.

Solana (SOL) Technical Indicators Reading
The crypto’s price is above the 21-day line moving average but below the 50-day line moving average indicating a possible fluctuation of prices between the moving averages. Solana is at level 52 of the Relative Strength Index for period 14. The altcoin is out of the uptrend zone and capable of a further upward move.SOL/USD is above the 80% range of the daily stochastic. The altcoin is in the overbought region of the market. Solana is likely to decline.

Conclusion
Solana is rising and approaching the bullish trend zone as altcoin reaches an overbought region. Meanwhile, on February 5 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Solana will rise but reverse at level 1.272 Fibonacci extensions or $124.80.

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