Solana (SOL) Consolidates Above $82 as Buyers Push the Altcoin to $102 High

Solana has fallen to $82 low
SOL/USD is consolidating above the current support

Solana (SOL) Current Statistics
The current price: $88.06
Market Capitalization: $45,054,641,151
Trading Volume: $1,231,096,983
Major supply zones: $280, $300, $320
Major Demand zones:$160,$140,$120

Solana (SOL) Price Analysis May 2, 2022
Solana’s (SOL) price is in a downtrend as buyers push the altcoin to $102 high. For the past three days, SOL/USD has been consolidating above the $82 support. The crypto has an upward correction but faces rejection at the $94 resistance level. The altcoin is retracing to the downside. Solana will further decline to $75 or $77 if the bears break below the $82 support. Buyers are attempting to push the altcoin to the previous highs. On the upside, if the bulls break above the $98 resistance, the altcoin will rally above the moving averages. The bullish momentum will extend to the high of $141.

Solana (SOL) Technical Indicators Reading
The altcoin has fallen to level 37 of the Relative Strength Index for period 14. The market is in the downtrend zone but approaches the oversold region of the market. Solana is below the 20% range of the daily stochastic. The coin has fallen to the oversold region of the market. The selling pressure has subsided as buyers emerge in the oversold region. The 21-day line and the 50-day line SMAs are sloping downward indicating the downtrend

Conclusion
SOL/USD has reached bearish exhaustion as buyers push the altcoin to $102 high. Meanwhile, on April 11 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 $88. From the price action, Solana has retested the 1.272 Fibonacci extension and it is consolidating above it.

You can purchase crypto coins here. Buy LBlock



Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing