Solana Turns Down From the Recent High as It Targets $25.87 Low

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Key Highlights
Solana is confined in a tight range
SOL/USD risks further decline to $25 low

Solana ( SOL) Current Statistics
The current price: $32.56
Market Capitalization: $16,656,271,697
Trading Volume: $363,990,947
Major supply zones: $50, $70, $90
Major demand zones: $40, $20, $10

Solana (Sol) Price Analysis October 8, 2022
Solana’s (SOL) price is in a sideways move as it targets $25.87 low. After August 28 price slump, Solana has been trading between $30.50 and $34.50 price levels. For the past two months, the cryptocurrency has been confined in a range . Buyers have failed to keep the price above the moving average lines and resume uptrend. The upward moves have been restrained by the resistance at $34.50. Today, the cryptos price has declined below the moving average lines after rejection at the recent high. On the downside, if the bears break below the current support, the market will further decline to the low of $25.

Solana Turns Down From the Recent High as It Targets $25.87 Low
SOL/USD – Daily Chart

Solana Technical Indicators Reading
The cryptocurrency is in the downtrend zone at level 47 of the Relative Strength Index for period 14. The coin is capable of further decline to the downside. The moving average lines are sloping horizontally indicating the sideways trend. The altcoin has fallen to the oversold region and it is below the 20% range of the daily stochastic. The selling pressure has reached bearish exhaustion. Further downward movement of prices is unlikely.

Conclusion
Solana risks further decline as it targets $25.87 low. On a weekly chart, Solana has declined to the low of $30 on August 22. Later, the altcoin made an upward correction and a candle body tested the 78.6 % Fibonacci retracement. The correction suggests that Solana will fall to level 1.272 Fibonacci extension or level $25.87.

Solana Turns Down From the Recent High as It Targets $25.87 Low
SOL/USD – Weekly 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.