Solana faces rejection at the moving averages
SOL/USD has resumed downward correction
Solana (SOL) Current Statistics
The current price: $80.07
Market Capitalization: $40,967,139,113
Trading Volume: $1,515,222,025
Major supply zones: $280, $300, $320
Major demand zones: $160, $140, $120
Solana (SOL) Price Analysis March 15, 2022
Solana’s (SOL) price is in a downward correction but faces rejection at $88 . The cryptocurrency has been trading above the $80 support since January 24. However, after the March 10 rejection, Solana fell above the current support at $80. Today, the cryptocurrency is consolidating above the previous low at $80. After the consolidation, SOL/USD may encounter a price rebound or price breakdown. On the upside, if price rebounds above the current support, it may break the initial resistance at $89 and rally above the moving averages. However, the bullish momentum may face another resistance at $100. Conversely, the altcoin risks further decline if it fails to break above the moving averages. If the altcoin faces rejection at the recent high, the market will decline to $66.
Solana (SOL) Technical Indicators Reading
Solana is at level 40 of the Relative Strength Index for period 14. The altcoin is in the downtrend zone and below the centerline 50. The upward move has been hampered at the 21-day line moving averages. Solana is above the 25% range of the daily stochastic. The cryptocurrency is in a bullish momentum but it is unstable.
Conclusion
On the 4 –hour chart, SOL/USD is in a downtrend but faces rejection at $88. The price action is now characterized by small body candlesticks called Doji. Meanwhile, on March 7 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Solana will fall but reverse at level 1.272 Fibonacci extensions or $72.94.
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