The confluence of resistances at the $22.5 area meant Solana buyers will have a hard time driving a rally, despite short-term bullish sentiment
faced rejection at $29.6k, and the past week saw large losses for both BTC and SOL. At the time of writing, Solana saw a relief rally, but can it break the downtrend?Source: SOL/USDT on TradingView
An H4 trading session closing above the $21.33 mark will flip the market structure of SOL to bullish once more. The RSI was back above neutral 50 and highlighted the strong upward momentum over the past 48 hours. However, the OBV continued to form a series of lower highs. This showed that despite the bounce from $19.8, the buying volume was not enough to enact a rally. Instead, it was more likely that the sellers would push the prices lower once again.
There were two levels of importance for Solana in the coming days. One was a level of imminent resistance at $21.33, and the second was $22.5. The latter is more significant because it lies at an FVG as well as in an H4 bearish order block . Therefore, a retest of this area can be used to enter short positions targeting the $19.8 support.
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