Solana (SOL) Is in a Fresh Decline as It Holds Above $61

Updated:

Solana has reached bearish exhaustions
SOL/USD may resume an uptrend

Solana (SOL) Current Statistics
The current price: $69.21
Market Capitalization: $35,482,035,304
Trading Volume: $4,173,768,046
Major supply zones: $280, $300, $320
Major Demand zones:$160,$140,$120

Solana (SOL) Price Analysis May 10, 2022
Solana’s (SOL) price is in a downtrend as it holds above $61. In the previous price action, Solana was trading above the $82 support as the altcoin made an upward correction. The uptrend reached the high of $85 but was repelled. It was rejected at the 21-day line SMA. The crypto would have rallied above the moving averages if the bulls have broken the recent resistance. Today, the cryptocurrency has declined to the low of $61 as bulls bought the dips. SOL/USD has risen to $68 as of press time. The current uptrend is to retest the $82 resistance and break above it. However, SOL/USD will resume a range-bound move between $61 and $82, if the crypto turns from the recent high.

Solana (SOL) Is in a Fresh Decline as It Hold Above $61
SOL/USD – Daily Chart

Solana (SOL) Technical Indicators Reading
The altcoin has fallen to level 25 of the Relative Strength Index for period 14. The altcoin has reached the oversold region of the market. Solana is below the 20% range of the daily stochastic. The coin has fallen to the oversold region of the market. Therefore, the current selling pressure is likely to subside. The 21-day line and the 50-day line SMAs are sloping downward indicating the downtrend

Conclusion
SOL/USD has been in a downward move since April 4 as it holds above $61, The downtrend has eased after the decline to the $61 low. Meanwhile, on April 30 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 $71.11. From the price action, Solana has retested the 1.618 Fibonacci extension but pulled back to the $73 high.

Solana (SOL) Is in a Fresh Decline as It Hold Above $61
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.