Solana (SOL) Fails to Breach the $60 Resistance as It Slumps to $47

Updated:

Solana recovers from $37 low
SOL/USD resumes sideways trend

Solana (SOL) Current Statistics
The current price: $48.82
Market Capitalization: $25,094,840,774
Trading Volume: $1,707,462,272
Major supply zones: $280, $300, $320
Major Demand zones:$160,$140,$120

Solana (SOL) Price Analysis May 24, 2022
Solana’s (SOL) price is in a sideways move as it slumps to $47. The current bearish trend has subsided as bulls bought the dips. Solana made an upward correction as price reached the high of $59. The bulls could not breach the resistance at $60. The $60 price level was the previous support of May 10. On the upside, if the bulls break the resistance at $60, the market will rally to $93. However, the crypto was repelled as it fell to the low of $47. The market has resumed a sideways move above the $47 support. On the downside, the bulls are currently defending the $40 support.

Solana (SOL) Fails to Breach the $60 Resistance as It Slumps to $47
SOL/USD – Daily Chart

Solana (SOL) Technical Indicators Reading
The altcoin is at level 36 of the Relative Strength Index for period 14. Buyers are emerging from the oversold region of the market. Solana is above the 30% range of the daily stochastic. The altcoin is in a bullish momentum . The 21-day line and the 50-day line SMAs are sloping downward indicating the downtrend

Conclusion
SOL/USD is in a sideways move as it slumps to $47. The current bearish trend has subsided as the crypto holds above the $40 support. It is presently fluctuating between $43 and $60 price levels. Meanwhile, on May 12 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 $21.71.

Solana (SOL) Fails to Breach the $60 Resistance as It Slumps to $47
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.