Solana [SOL] presented bears with a risky opportunity after this point
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionSolana was trading at a critical resistance zone and could face rejection.appeared to reverse the bearish trajectory it had been on since late February. This was a trend across the crypto market following the short-term bullish sentiment behind Bitcoin in the early hours of Monday.
The gains of Solana measured 28.6% when measured from the swing low at $16 that SOL registered over the weekend. The RSI was also above neutral 50 and showed strong bullish momentum. However, the OBV was unable to form a higher high, which showed slightly muted buying pressure over the past three days of gains.
Even though the trading volume has been high over the past few H4 trading sessions when Solana made these gains, the trend has not reversed yet. From a technical perspective, the market structure was bullish, as the recent lower high at $18.9 has been beaten.However, the $20 area represented a confluence of resistance from the range lows as well as the bearish breaker from February. Hence, shorting the asset could interest aggressive bears. To the south, the $18.5 and $16.
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