Solana (SOL) Fluctuates Below $60 as It May Resume Fresh Decline

Updated:

Solana reaches $37 support
SOL/USD may resume the downtrend

Solana (SOL) Current Statistics
The current price: $56.06
Market Capitalization: $28,937,652,065
Trading Volume: $1,959,308,951
Major supply zones: $280, $300, $320
Major Demand zones:$160,$140,$120

Solana (SOL) Fluctuates Below $60 as It May Resume a Fresh Decline
SOL/USD – Daily Chart

Solana (SOL) Price Analysis May 17, 2022
Solana’s (SOL) price is in a downward correction as it may resume a fresh decline. The cryptocurrency fell to the low of $37 on May 12. The upward correction is facing rejection at the $58 high. Buyers could not push the coin to the previous highs because of the resistance at $60. On the upside, if buyers breached the resistance at $60, SOL will rally above the moving averages. In other words, the SOL will rally to the high of $100. On the downside, the cryptocurrency is likely to revisit the previous low if the selling pressure resumes. The altcoin will be compelled to a range-bound move between $37 and $60 if the current support holds. On the other hand, Solana will decline to $22 if the current support is breached.

Solana (SOL) Technical Indicators Reading
The altcoin is t level 36 of the Relative Strength Index for period 14. The cryptocurrency was earlier in the oversold region when it fell to level 22 of the RSI. The altcoin is likely to decline as it faces rejection at the recent high. Solana is above the 25% range of the daily stochastic. The coin is in a bullish momentum as it attempts to breach the resistance at $60. The 21-day line and the 50-day line SMAs are sloping downward indicating the downtrend

Conclusion
SOL/USD downward move as it may resume a fresh decline. 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 $22.51. From the price action, Solana is fluctuating between $37 and $60 price levels. The Fibonacci extension will be attained when the current support is breached.

 Solana (SOL) Fluctuates Below $60 as It May Resume a Fresh Decline
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.