Solana (SOL) Rebounds above $80 as the Altcoin Targets the $120 High

Updated:

Solana is making positive moves to the previous highs
SOL/USD targets level $120 high

Solana (SOL) Current Statistics
The current price: $98.45
Market Capitalization: $50,151,906,434
Trading Volume: $3,126,329,130
Major supply zones: $280, $300, $320
Major demand zones: $160, $140, $120

Solana (SOL) Price Analysis February 28, 2022
Solana’s (SOL) price is in a downward correction as the altcoin targets the $120 high. Today, Solana has rebounded above the current support. Buyers are attempting to break above the moving averages. A break above the moving averages will catapult the altcoin out of downward correction. However, the downward correction will continue if the bulls fail to break above the moving averages.

Solana (SOL) Rebounds above $80 as the Altcoin Targets the $120 High
SOL/USD – Daily Chart

Solana (SOL) Technical Indicators Reading
Solana has risen to level 48 of the Relative Strength Index for period 14. The altcoin is in the bearish trend zone and below the centerline 50. The crypto’s price is below the moving averages as buyers attempt to break above the moving averages. Solana is above the 50% range of the daily stochastic. The cryptocurrency is in a bullish momentum.

Conclusion
SOL/USD has resumed an upward move as the altcoin targets the $120 high. The crypto’s price is breaking the 21-day line moving averages. Meanwhile, on February 25 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that Solana will rise to level 2.618 Fibonacci extensions or $122.40.

Solana (SOL) Rebounds above $80 as the Altcoin Targets the $120 High
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.