Solana (SOL) Rebounds above $80 Support but Fluctuates in a Range

Solana faces rejection at $104
SOL/USD resumes uptrend

Solana (SOL) Current Statistics
The current price: $101.96
Market Capitalization: $52,165,896,265
Trading Volume: $1,946,986,271
Major supply zones: $280, $300, $320
Major demand zones: $160, $140, $120

Solana (SOL) Price Analysis January 31, 2022
Solana’s (SOL) price is in the oversold region and consolidates above the $80 support but fluctuates in a range. On January 24, the cryptocurrency fell to the low of $80 and made an upward correction but was terminated at the high of $104. Since January 22, SOL/USD has been fluctuating between $80 and $104 price levels. On the upside, if the bulls break above the initial resistance at $104, the market will rally to $150 high. Conversely, if the altcoin turns down from the recent high, Solana will continue to fluctuate between $80 and $104.

Solana (SOL) Technical Indicators Reading
Solana is at level 37 of the Relative Strength Index for period 14. The altcoin is out of the oversold region but below the centerline 50. Solana price bars are below the moving averages which makes it possible to fall. SOL/USD is above the 25% range of the daily stochastic. The market has resumed bullish momentum. The 21-day SMA and 50-day SMA are sloping downward indicating the downtrend.

Conclusion
Solana is in a downward move but has reached bearish exhaustion but fluctuates in a range. The altcoin had resumed bullish momentum. Meanwhile, on December 14 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 $79.04. From the price action, Solana tested the 1.618 Fibonacci extension and resumed an upward move.

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