Solana (SOL) Faces Rejection at $105, May Decline to $70 Low

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Solana faces rejection at $105
SOL/USD resumes selling pressure

Solana (SOL) Current Statistics
The current price: $82.35
Market Capitalization: $42,066,197,297
Trading Volume: $2,885,319,067
Major supply zones: $280, $300, $320
Major demand zones: $160, $140, $120

Solana (SOL) Price Analysis February 21, 2022
Solana’s (SOL) price has resumed selling pressure but may decline to $70 low. The bears broke the previous low at $92 and resumed selling pressure. The selling pressure is a result of the rejection at the high of $105. On February 15, buyers attempted to push the altcoin to the previous high but were repelled. They broke the 21-day line moving average but failed to break the resistance at $105. Solona has fallen and the bears are attempting to break another low of the January 24 price slump.

Solana (SOL) Faces Rejection at $105, May Decline to $70 Low
SOL/USD – Daily Chart

Solana (SOL) Technical Indicators Reading
Solana has fallen to level 32 of the Relative Strength Index for period 14. The altcoin is approaching the oversold region at level 30. The current downtrend is reaching bearish exhaustion. The crypto’s price bars are below the moving averages which are responsible for the current downward move. SOL/USD is below the 20% range of the daily stochastic. According to the daily Stochastic, the altcoin is already in the oversold region of the market.

Conclusion
SOL/USD has resumed another selling pressure but may decline to $70 low. The price has broken the previous lows. Meanwhile, on February 13 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 $71.44.

Solana (SOL) Faces Rejection at $105, May Decline to $70 Low
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.