Solana (SOL) Price Analysis: SOL/USD Holds above $180 as Altcoin Resumes Uptrend

Updated:

Highlights
Solana overs above $180
SOL/USD resumes uptrend

Solana (SOL) Current Statistics
The current price: $195.71
Market Capitalization: $99,929,822,277
Trading Volume: $3,617,837,210
Major supply zones: $280, $300, $320
Major demand zones: $160, $140, $120

Solana (SOL) Price Analysis December 6, 2021
Solana’s (SOL) price is still in the bearish trend zone. The cryptocurrency fell to the low of $176 but pulled back. The candlestick’s tail is pointing and retesting the previous low at $180. The long candlestick’s tail indicates that the current support is a strong buying pressure. The current support has been holding since October 27. The market will resume an upward move if the current support holds.

SOL/USD – Daily Chart

Solana (SOL) Technical Indicators Reading
Solana is still at level 41 of the Relative Strength index period 14. It indicates that the cryptocurrency is in the downtrend zone and capable of a further downward move. The altcoin has a bearish crossover. That is, the 21-day moving average line crosses below the 50-day moving line.

Conclusion
On the 4 hour chart, the downtrend has subsided as the market consolidates above the $180 support. The altcoin is fluctuating between the $176 and $200 price levels. Meanwhile, on December 4 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 $171.79. From the price action, the altcoin has reversed to the range-bound zone.

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.