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

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.

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