If SOL was able to climb back above $22.5 and retest it as support, a recovery would become possible.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.This does not guarantee a Solana recovery as the bulls exhibited weakness recently.market had a bearish outlook on the price chart since late July. The bulls’ inability to breach the $25 resistance region was followed by a freefall beneath the $22.5 mark over the past week.The price was trading at a higher timeframe area of interest for SOL bulls.
The cyan box at $20.1-$22.2 represented a bullish breaker block from the 1-week timeframe price chart. It had served as resistance in early June but was flipped to support during the rally in July. At press time, Solana was trading within this area. Moreover, the $20 psychological level was also nearby.
The market structure on the 1-day chart above was bearish. This came after SOL established a lower high at $25.68 and a lower low at $22.23 on 5 August. The two weeks since then showed the development of a downtrend based on the structure. The RSI showed momentum was bearish in the past week. The OBV formed lower highs since mid-July to show decreasing demand for SOL. This did not bode well for the chances of recovery. The moving averages were on the verge of signaling a downtrend.Santiment data showed trading volume has formed lower highs since June. This was accompanied by steadily falling prices. It showed traders and speculators preferred to sit on the sidelines in the Solana market, possibly awaiting a strong uptrend to form.
The funding rate was negative in the past few days but rose above 0 in recent hours. This does not indicate a shift in sentiment by itself, but it showed bulls might be able to halt the downtrend.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Solana celebrates six months of stability as market struggles for recoverySolana shines with 100% uptime, defying past struggles. User counts hold steady despite questions. As SOL battles trends, its resilience faces a crucial test below support.
Lire la suite »
Futures climb as focus shifts to Powell at Jackson Hole, Nvidia earnings(Reuters) - U.S. stock index futures rose on Monday after a sharp selloff last week, with investors awaiting more clues on interest rates from an ...
Lire la suite »
Earthquake And Storm Hit California, People Are Forced To Climb Trees To Escape Floodwaters And MudslidesA 5.1 magnitude earthquake took place on the same day that a tropical storm made landfall in Southern California, marking its return after 84 years.
Lire la suite »
As Temperatures Climb, Millions More People Face Food InsecurityExtreme heat reduces workable days and productivity for certain kinds of labor, leaving those without a safety net more likely to struggle to feed their families.
Lire la suite »
Canadian dollar holds near two-and-a-half-month low as U.S. yields climbLoonie at 73.80 U.S. cents
Lire la suite »
Firefighters brace for tough day in the Northwest Territories as temperatures climbAfter rain fell in some communities earlier this week, firefighters are preparing for a change in weather as dry heat is expected across the Northwest Territories over the next few days. Here's the latest.
Lire la suite »