Solana Continues Downward Move, Faces Rejection at $48

Updated:

Solana may revisit the previous low at $37
SOL/USD resumes downtrend

Solana (SOL) Current Statistics
The current price: $46.20
Market Capitalization: $23,788,247,012
Trading Volume: $1,654,179,781
Major supply zones: $280, $300, $320
Major Demand zones:$160,$140,$120

Solana (SOL) Price Analysis May 31, 2022
Solana’s (SOL) price is still in a downward correction as it faces rejection at $48. The bears have continued to sell on each rally. Today, the crypto’s price is rising to retest the 21-day line moving average. The selling pressure will resume if the altcoin faces rejection at the moving average. Nonetheless, the downtrend will be weakened if price breaks above the 21-day line moving average. Solana will revisit the previous low at $37 if the current selling pressure resumes.

Solana’s Continuous Downward Move, Faces Rejection at $48
SOL/USD – Daily Chart

Solana (SOL) Technical Indicators Reading
The altcoin is at level 37 of the Relative Strength Index for period 14. The altcoin is in the downtrend zone and capable of falling to the downside. Solana is above the 30% range of the daily stochastic. The altcoin is in a bullish momentum but the momentum is unstable. The crypto’s price bars are below the moving averages indicating further price fall. The 21-day line and the 50-day line SMAs are sloping downward indicating the downtrend.


Conclusion
SOL/USD is in a downtrend as it faces rejection at $48. The bulls have not been able to break above the 21-day line SMA. Meanwhile, on May 12 downtrend; a retraced candle body tested the 78.6 % Fibonacci retracement level. The retracement indicates that Solana will fall to level 1.272 Fibonacci extensions or $27.84.

Solana’s Continuous Downward Move, Faces Rejection at $48
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.