Solana (SOL) Faces Rejection at $189 High, May Further Decline to $115

Highlights
Solana may further decline
SOL/USD fluctuates below $189

Solana (SOL) Current Statistics
The current price: $178.78
Market Capitalization: $91,465,347,481
Trading Volume: $91,465,347,481
Major supply zones: $280, $300, $320
Major demand zones: $160, $140, $120

Solana (SOL) Price Analysis December 20, 2021
Solana’s (SOL) price is in a downtrend as it dropped to the low of $148.48 and it may further decline to $115 . Solana’s price corrected upward but was resisted at the 21-day line moving average. This is an indication that the market is likely to further decline. The altcoin will first retest the previous low at $148. If sellers break the previous low at $148, the selling pressure will extend to $140 or $115 low.

Solana (SOL) Technical Indicators Reading
Solana’s price corrected upward as it reached level 44 of the Relative Strength index period 14. It indicates that the altcoin is still in the downtrend zone and below the centerline 50. Solana is above the 40% range of the daily stochastic. The daily stochastic has indicated that the market is in a bullish momentum. The bullish momentum has been unstable as price fluctuates.

Conclusion
Solana faces rejection at the 21-day line moving average and it may further decline to $115. On the other hand, if buyers break above the moving averages or $220, the upward move will resume. Meanwhile, on November 18 downtrend; a retraced candle body tested the 50 % Fibonacci retracement level. The retracement indicates that Solana will fall to level 2.0 Fibonacci extensions or $115. 74.

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