Solana (SOL) Price Analysis: SOL/USD Finds Support Above $225 Resumes Uptrend

Updated:


Highlights
Solana retraces to $236 low
SOL/USD rallies to $260 high

Solana (SOL) Current Statistics
The current price: $236.86
Market Capitalization: $121,293,789,737
Trading Volume: $2,391,079,319
Major supply zones: $280, $300, $320
Major demand zones: $160, $140, $120

Solana (SOL) Price Analysis November 15, 2021
Solana’s (SOL) price has been trading above the moving averages. The market is retracing to the support above the 21-day SMA. The uptrend will resume if the price finds support above 21-day SMA. Meanwhile, on October 25 uptrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Solana will rise to level 2.0 Fibonacci extension or $287.92.

SOL/USD – Daily Chart


Solana (SOL) Technical Indicators Reading
Solana is at level 60 of the Relative Strength index period 14.SOL is in the bullish trend zone and capable of a further upward move. Solana is below the 20% range of the daily stochastic. The market has fallen to the oversold region.


Conclusion
On the 30- Mins chart, Solana has been in a downward move. The cryptocurrency has fallen to the oversold region. Meanwhile, on November 15 downtrend; a retraced candle body tested the 6.8% Fibonacci retracement level. The retracement indicates that Solana will fall to level 1.618 Fibonacci extensions or $233.74.

SOL/USD – 30 Mins 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.