Solana breaks below the moving averages
SOL/USD is expected to rebound
Solana (SOL) Current Statistics
The current price: $101.15
Market Capitalization: $51,769,676,670
Trading Volume: $1,3871,937,71
Major supply zones: $280, $300, $320
Major Demand zones:$160,$140,$120
Solana (SOL) Price Analysis April 25, 2022
Solana’s (SOL) price is in a downtrend but risks a possible decline to $84. Since April 11, the cryptocurrency fell to a $98 low and resumed consolidation above the $100 support. On April 25, the bears broke below the current support but the bulls bought the dips. Today, the altcoin is trading above the $100 support. It is trading above the $100 support but if the bears break below the current support, the market will decline to the lows of $87 or $77 price levels. However, if altcoin rebounds above current support, Solana will rise above the moving averages. The bullish momentum will extend to the high of $141.
Solana (SOL) Technical Indicators Reading
The altcoin is still at level 45 of the Relative Strength Index for period 14. The market is in the downtrend zone and below the centerline 50. The crypto’s price is below the moving averages which will cause it to decline. Solana is below the 40% range of the daily stochastic. The market is in a bearish momentum. The 21-day line and the 50-day line SMAs are sloping downward indicating the downtrend
Conclusion
SOL/USD is in a downtrend as it risks a possible decline to $84. The price indicator has shown a possible decline of prices. Meanwhile, on April 11 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 $84.33.
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