Solana (SOL) Price Analysis: SOL/USD Recovers Above $188 Support, Resumes Uptrend

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Highlights
Solana has fallen to the low of $188
SOL/USD resumes uptrend

Solana (SOL) Current Statistics
The current price: $206.85
Market Capitalization: $105,995,441,382
Trading Volume: $2,377,226,028
Major supply zones: $280, $300, $320
Major demand zones: $160, $140, $120

Solana (SOL) Price Analysis November 29, 2021
Solana’s (SOL) price has broken below the moving averages as the altcoin reached the low of $182. Today, the altcoin is recovering from the November 26 downtrend. Solana has broken above the 50-day line moving average. Nonetheless, if price breaks above the 21-day line moving average and the bullish momentum are sustained, it will signal the resumption of the uptrend. In the meantime, the crypto’s price is above the 50-day line but below the 21-day line moving averages.

SOL/USD – Daily Chart

Solana (SOL) Technical Indicators Reading
Solana is still at level 49 of the Relative Strength index period 14. It indicates that there is a balance between supply and demand. The 50-day line and the 21-day line moving averages are sloping upward indicating the uptrend. Solana is above the 40% range of the daily stochastic. The market is in a bullish momentum as it rises.

Conclusion
On the 4 hour chart, the downtrend appears to have reached bearish exhaustion as the cryptocurrency recovers above the current support. The long candlesticks tail indicates that $188 support is strong buying pressure. Meanwhile, on November 10 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 $194.25. From the price action, the altcoin has reversed above the $188 support.

SOL/USD – Daily 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.