![Solana’s [SOL] recovery thwarted – Will bears enjoy more benefits?](https://i.headtopics.com/images/2023/3/4/cryptoamb/solana-s-sol-recovery-thwarted-will-bears-enjoy-mo-solana-s-sol-recovery-thwarted-will-bears-enjoy-mo-1632057061713248256.webp)
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. SOL’s market continued to weaken. The Funding Rate fluctuated as development activity declined. Solana’s [SOL] value has fallen significantly since 20 February, dropping from $27 to $20 before bulls attempted a recovery. However, the […]
After the price rejection at $27.14, SOL’s momentum declined as bulls toiled below the descending line . At the time of writing, the recovery faced rejection at the descending line, setting the stage for bears to re-enter the market.
As a result, bears could sink SOL’s price toward $20.35. Short-sellers could seek shorting opportunities at $20.82 and $20.35. An extended drop, especially if BTC drops below $22k, could push SOL below the psychological level of $20. Alternatively, near-term bulls could look for gains at the 23.60% Fib level of $22.95 or the 50-period EMA of $22.15 if SOL closes above the descending trendline . The bulls could push SOL toward the next resistances at the 38.2% Fib level or 50% Fib level if they clear the 50-period EMA.
The RSI hovered below the 50-mark for the past few days, indicating bears’ leverage in the market. In addition, the OBV declined significantly in the same period, thus limiting the buying pressure and potentially strong recovery.According to Santiment, SOL’s development activity declined gently over the past few days. It was worth noting that the network announced a mitigation plan following a network glitch.
This is reinforced by the fluctuating demand as shown by the Funding Rate. Any further drop in demand could give bears more influence in the market and potentially push SOL to retest $20.Subscribe to get it daily in your inbox.
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SOL consolidates near local highs – is a reversal imminent?Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. SOL consolidated between $20 – $27 in the past few weeks. Open interest (OI) rates steadied, suggesting a potential price reversal. Solana [SOL] continued consolidating near local highs, showing buyers aren’t exiting just yet. […]
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