Solana (SOL) Declines from $140 Resistance as It Finds Support above $128

Updated:

Solana faces rejection at $140
SOL/USD has reached the overbought region

Solana (SOL) Current Statistics
The current price: $132.56
Market Capitalization: $67,818,174,186
Trading Volume: $2,823,520,392
Major supply zones: $280, $300, $320
Major demand zones: $160, $140, $120

Solana (SOL) Price Analysis April 4, 2022
Solana’s (SOL) price has continued its upward move as it finds support above $128. Today, the cryptocurrency is declining as the market reaches the oversold region. SOL/USD has declined to $128.28 low which is the historical price level of January 10. On January 10, the altcoin corrected upward but was repelled at the $157 high. The upward movement will continue if price holds above the $128 support. On the other hand, if the bears break below the $128 support, the selling pressure extends to the low of $109 low.

Solana (SOL) Declines from $140 Resistance as It Finds Support above $128
SOL/USD – Daily Chart

Solana (SOL) Technical Indicators Reading
Solana is at level 68 of the Relative Strength Index for period 14. The altcoin has reached level 78 of the RSI before the recent decline. The cryptocurrency is trading in the uptrend zone and is capable of a further upward move. Solana is below the 20% range of the daily stochastic. The cryptocurrency has fallen to the oversold region of the market. The selling pressure is likely to subside as buyers emerge in the oversold region. The 21-day line and the 50-day line SMAs are sloping uptrend.

Conclusion
SOL/USD is in an upward move as it finds support above $128. Since April 1, the altcoin has been fluctuating below the $140 resistance. Today, the crypto is rising after declining to the low of $128. Meanwhile, on April 3 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Solana will fall to level 1.618 Fibonacci extensions or $130.08.

Solana (SOL) Declines from $140 Resistance as It Finds Support above $128
SOL/USD – 2 Hour 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.