Solana (SOL) Price Analysis: SOL/USD Continues Bearish Run, a Breakdown to $137 Low Likely

Updated:

Highlights
Solana continues a bearish run
SOL/USD targets the low of $137

Solana (SOL) Current Statistics
The current price: $152.81
Market Capitalization: $78,086,746,143
Trading Volume: $2,331,403,035
Major supply zones: $280, $300, $320
Major demand zones: $160, $140, $120

Solana (SOL) Price Analysis December 13, 2021
Solana’s (SOL) price has continued its downward move after the rejection from the $240 resistance. The selling pressure has been accelerated as price breaks below the moving averages.
Meanwhile, on November 18 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Solana will fall to level 2.0 Fibonacci extensions or $113.38. From the price action, the altcoin has fallen to the low of $152.77 at the time of writing.

SOL/USD – Daily Chart

Solana (SOL) Technical Indicators Reading
Solana is still at level 31 of the Relative Strength index period 14. It indicates that the cryptocurrency is approaching the oversold region of the market. The selling pressure is likely to subside. Solana is below the 20% range of the daily stochastic. The daily stochastic has indicated that the market has reached the oversold region. Buyers are likely to emerge in the oversold region of the market.

Conclusion
On the 4 hour chart, Solana is in a downward move. The price fell above $178 support, retested it thrice before breaking below it. Meanwhile, on December 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 $137.41.

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.