Solana Turns from $48 High as It Fluctuates Above Support at $44

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Key Highlights
Solana fluctuates in a tight range between $32 and $48
SOL/USD risks further decline

Solana ( SOL) Current Statistics
The current price: $44.43
Market Capitalization: $22,731,450,127
Trading Volume: $1,828,052,020
Major supply zones: $50, $70, $90
Major demand zones: $40, $20, $10

Solana (Sol) Price Analysis August 11, 2022
Solana’s (SOL) price is in an upward correction as it fluctuates above support at $44. On July 19, the bulls attempted to keep the price above the $48 high but were repelled. Each time the bulls retest the resistance level, the altcoin would decline above the moving average lines. Solana will rally to $60 if the bulls clear the overhead resistance level. On the downside, if the bears have the upper hand and break below the moving average lines, the altcoin will decline either to $32 or $26 low. The cryptocurrency is trading at $44.15 at the time of writing.

Solana Turns from $48 High as It Fluctuates Above Support at $44
SOL/USD – Daily Chart

Solana Technical Indicators Reading
Solana is at level 58 of the Relative Strength Index for period 14. It indicates that the altcoin is in the uptrend zone and may continue the upward move. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend. The altcoin is above the 80% range of the daily stochastic. It indicates that the altcoin is in a bearish momentum. The altcoin is likely to decline to the downside.

Conclusion
Solana is in an upward correction as it fluctuates above support at $44. The altcoin has risen to the overbought region of the market. The cryptocurrency may likely decline if sellers emerge in the oversold region.

Solana Turns from $48 High as It Fluctuates Above Support at $44
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.