![Solana [SOL] faces pullback retest at $20: Is a recovery likely](https://i.headtopics.com/images/2023/4/1/cryptoamb/solana-sol-faces-pullback-retest-at-20-is-a-recove-solana-sol-faces-pullback-retest-at-20-is-a-recove-1641947242616483845.webp)
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. The pullback retest could offer new buying opportunities. Sentiment fell, and funding rates turned negative, which calls for caution among bulls. Solana [SOL] bulls have successfully defended the $20 support throughout Q1 2023, except […]
SOL has been oscillating in the $20 – $26 range for the past three months. A false breakout in mid-March saw bulls push it back to the range. At press time, SOL operated in the lower range . A previous pullback retest didn’t end up in a rally, which could call for patience afterSOL could rebound strongly if BTC reclaims $29k and offers new buying opportunities if bulls could defend the $20 support. However, bulls must clear a key hurdle at $21.
A close below $18 could attract more bears and sink SOL to $16. The primary buying opportunity could exist at $20 if BTC surges. A second buying opportunity could open up if SOL rebounds at $16. The RSI was below 50 at press time, showing increased sell pressure. Similarly, the OBV and CMF moved southwards, indicating declining trading volumes and increased sellers’ influence in the market at the time of writing.According to Santiment, SOL’s funding rates turned negative, while weighted sentiment fell to a neutral level. It shows demand for SOL dropped, but the neutral sentiment means no player had absolute leverage.
In conclusion, SOL could recover if the bulls defend $20 support, but BTC’s price action and development activity calls for caution before making movesSubscribe to get it daily in your inbox.
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