Solana Drops Significantly as It Retests Its Previous Low at $30

Updated:
Key Highlights
Solana revisits its previous low at $30
SOL/USD resumes downtrend

Solana ( SOL) Current Statistics
The current price:$31.64
Market Capitalization: $16,186,270,863
Trading Volume: $808,021,277
Major supply zones: $50, $70, $90
Major demand zones: $40, $20, $10

Solana (Sol) Price Analysis August 31, 2022
Solana’s (SOL) price is in a downtrend as it retests its previous low at $30. The cryptocurrency is falling and approaching the previous low at $26. The bears have broken previous support levels at $32 and $34 price levels. The altcoin will further decline to the downside if the bears break below the $30 support. Solana will fall to the previous low of $26. On the upside, buyers will have to break the resistance to regain bullish momentum.


Solana Technical Indicators Reading
Solana is at level 6 of the Relative Strength Index for period 14. The altcoin is in the bearish trend zone as it approaches the oversold region. The crypto’s price bars are below the moving average lines which indicates further decline. The altcoin is below the 40% range of the daily stochastic. Solana is in a bearish momentum.

Conclusion
Solana has fallen significantly to the downside as it retests its previous low at $30. The altcoin is now trading above the $30 support since June 28. The cryptocurrency is already in the oversold region of the market. On a weekly chart, a retraced candle body tested the 78.6 % Fibonacci retracement on March 28. The retracement suggests that Solana will fall to level 1.272 Fibonacci extension or level $23.99.

You can purchase crypto coins here. Buy LBLOCK


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing
  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

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.