Solana (SOL) Faces Rejection at $106, Revisits Previous Low at $80

Updated:

Solana revisits the previous low at $80
SOL/USD has resumed downward correction

Solana (SOL) Current Statistics
The current price: $82.98
Market Capitalization: $42,320,288,924
Trading Volume: $2,285,639,674
Major supply zones: $280, $300, $320
Major demand zones: $160, $140, $120

Solana (SOL) Price Analysis March 8, 2022
Solana’s (SOL) price has resumed its downward correction as it revisits previous low at $80. Since January 24 price slump, buyers have been making efforts to keep the price above the moving averages. On February 28, Solana rebounded above the $84 support and rallied to the high of $106. The altcoin faced rejection at the recent high and commenced selling pressure. The cryptocurrency fell to the previous low at $80 and resumed upward. The current support is likely to hold as the altcoin resumes bullish momentum.

Solana (SOL) Faces Rejection at $106, Revisits Previous Low at $80
SOL/USD – Daily Chart

Solana (SOL) Technical Indicators Reading
Solana has fallen to level 40 of the Relative Strength Index for period 14. The altcoin is in the downtrend zone and below the centerline 50. The current downtrend has subsided as the altcoin fell to the oversold region. Solana is above the 25% range of the daily stochastic. The cryptocurrency is in a bullish momentum.

Conclusion
SOL/USD is in a downtrend as it  revisits previous low at $80. The selling pressure has reached bearish exhaustion. Meanwhile, on March 4 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Solana will fall but reverse at level 1.272 Fibonacci extensions or $80.22 .

Solana (SOL) Faces Rejection at $106, Revisits Previous Low at $80
SOL/USD – 4 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.