Solana (SOL) Holds Above $98 Support but May Decline to $77

Updated:

Solana declines to $98 and holds
SOL/USD is in a downtrend

Solana (SOL) Current Statistics
The current price: $101.26
Market Capitalization: $51,803,948,894
Trading Volume: $2,325,368,717
Major supply zones: $280, $300, $320
Major demand zones: $160, $140, $120

Solana (SOL) Price Analysis April 12, 2022
Solana’s (SOL) price is in a downtrend but may decline to $77. Since April 3, the cryptocurrency has been falling from the high of $141. The altcoin has fallen to the low of $98.16 and above the 50-day line moving average. SOL/USD is now above the 50-day line SMA but below the 21-day line SMA. The implication is that the altcoin will be compelled to a range-bound move between the moving averages. A break below the 50-day line SMA will sink the altcoin to the low of $77. The market will resume upward to retest the previous highs if the 50-day line SMA holds.

Solana (SOL) Holds Above $98 Support but May Decline to $77
SOL/USD – Daily Chart

Solana (SOL) Technical Indicators Reading
Solana fell to level 43 of the Relative Strength Index for period 14. The altcoin is trading in the downtrend zone and is capable of a further downward move. The crypto’s price is between the moving averages indicating a possible range bound movement of the cryptocurrency. Solana is below the 20% range of the daily stochastic. That is, the selling pressure has reached bearish exhaustion. Buyers are likely to emerge in the oversold region of the market. The 21-day line and the 50-day line SMAs are sloping downward.

Conclusion
SOL/USD is in a downward move as price breaks below the moving averages but may decline to $77. Meanwhile, on April 6 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 $94.79.

 Solana (SOL) Holds Above $98 Support but May Decline to $77
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.