Solana (SOL) trading below moving average lines after price decline
Solana (SOL) is currently trading at $21 and the price suggests a continued fall. The altcoin had a downward correction on July 24 and tested the 61.8% Fibonacci retracement line.
SOL expected to fall further to $19.10
It is expected that SOL will decline to the 1.618 Fibonacci extension line or $19.10. However, the altcoin has regained the Fibonacci extension and is currently trading above the $19 support.
Solana in a downtrend with bearish momentum
Solana’s decline has reached the Relative Strength Index value of 40 and the altcoin is likely to fall further. The price bars below the moving average line could force the cryptocurrency to fall even more. The bullish momentum has stalled above the daily stochastic level of 50.
Key supply and demand zones
- Key supply zones: $20, $25, $30
- Key demand zones: $10, $5, $1
Next move for Solana
Solana has continued to fall since the meltdown on August 17 and the upward correction is encountering resistance at the $22 high. If the cryptocurrency value is rejected at this high, it will fall or be forced to move within a certain range. If the current resistance at $25 is broken, the cryptocurrency asset will rise to a high of $27.
Hot Take
The recent price decline and bearish momentum suggest that Solana may continue to fall in the short term. However, if the altcoin manages to break resistance levels, there is potential for a significant upward movement. It is crucial for crypto readers to monitor the price action and key levels to make informed trading decisions.
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