Solana Jumps Above $14 Low And Reaches Oversold Area

Jun 11, 2023 at 10:36 // Price
Coin Idol
Solana is currently trading in an oversold area of the market

The price of Solana (SOL) has declined since April 17. The oversold area of the market was affected by the downturn.

Solana price long-term forecast: bearish

Solana saw a sharp decline today, falling as low as $13.02 before recovering. Bearish momentum broke through the previous low of $16 before hitting a new low. During the May 25 decline, Solana experienced an upward swing and a candlestick tested the 61.8% Fibonacci retracement level. The correction predicts that SOL will fall to the Fibonacci level 1.618 or $14.41. Due to the price movement, the cryptocurrency price broke below the Fibonacci extension of 1.618 before rising above it. The $14 support is currently being breached by the cryptocurrency. Bearish fatigue will set in at the bottom of the decline if the existing support holds. 

Solana price indicator analysis

Solana has reached the 25 level of the Relative Strength Index for the 14 period due to the recent decline. According to the price indicator, the market has entered the oversold zone. The price bars are below the moving average lines, which is why the cryptocurrency is declining. The price indicator shows that the altcoin has fallen below the daily stochastic value of 20.

SOLUSD_(Daily Chart) – June 10.23.jpg

Technical Indicators

Key supply zones: $20, $25, $30

Key demand zones: $10, $5, $1

What is the next move for Solana?

Solana is currently trading in an oversold area of the market. It is unlikely that the cryptocurrency will fall further. However, if the bears break the $14 support, the digital currency would fall to a low of $9.75. The historical price level as of December 28, 2022 is $9.75.

SOLUSD(4 –Hour Chart) – June 10.23.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing in funds.

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