Solana (SOL) Rebounds above $90 Support as Buyers Attempt to Reclaim $122 High

Updated:

Solana resumes an uptrend above $90 support
SOL/USD is in a downward correction

Solana (SOL) Current Statistics
The current price: $101.65
Market Capitalization: $51,980,621,197
Trading Volume: $1,962,548,403
Major supply zones: $280, $300, $320
Major demand zones: $160, $140, $120

Solana (SOL) Price Analysis February 14, 2022
Solana’s (SOL) price has resumed a downward correction as buyers attempt to reclaim $122 high. In the previous uptrend, the bulls break the 21-day line moving average but failed to break the 50-day line moving average. The uptrend was terminated at the high of $122. Sellers emerged and sold the recent rallies. The cryptocurrencies have declined to the previous low at $94. On the upside, if price rebounds above the current support, the bulls will attempt to break the 21-day line moving averages. A rally above the 50-day line moving average is possible if the bulls break the $122 high.

Solana (SOL) Rebounds above $90 Support as Buyers Attempt to Reclaim $122 High
SOL/USD – Daily Chart

Solana (SOL) Technical Indicators Reading
Solana has fallen to level 42 of the Relative Strength Index for period 14. The altcoin is in the downtrend zone and below the centerline 50. The crypto’s price bars are below the moving averages. SOL/USD is above the 50% range of the daily stochastic. The altcoin has resumed bullish momentum.

Conclusion
Solana has been consolidating above the $92 support as buyers attempt to reclaim $122 high. Meanwhile, on February 12 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Solana will fall but reverse at level 1.272 Fibonacci extensions or $88.93. From the price action, the market has reversed at level $90.88.

Solana (SOL) Rebounds above $90 Support as Buyers Attempt to Reclaim $122 High
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.