Analysis
Can Solana protect its recent gains?
SOL falters at $30, but the pullback could be stopped at these levels.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- SOL accrued +30% gains in three days between 19 – 21 October.
- SOL’s price action faltered around $30 psychological level at press time.
Solana [SOL] pumped +30% in just three days, 19-21 October, retesting the $30 psychological level. But price action showed a slight weakening after hitting the $30.
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AMBCrypto noted that SOL could appreciate to $32, but at a slower pace than the previous aggressive pump in July. The faltering price action at $30 at press time cemented the above idea. But does that still make $32 a bullish target?
Will SOL extend the bullish momentum?
Source: SOL/USDT on TradingView
On the 12-hour chart, there were two crucial levels that pullback could extend to. The first was a confluence of a liquidity/price imbalance at $27.3 – $28.6 (cyan) and an H12 bearish order block at $26.14 – $27.38 (white).
The second level was at a breaker block of $24.0 and $25.3 (red), right below the first level of interest. However, the confluence at the first level could ease the pullback, especially if BTC doesn’t retrace much in the mid-term.
If SOL extends recovery, the bullish targets will be $30, $32, $33.8, and $37.4.
Conversely, the altcoin could depreciate to the breaker block at $24 should sellers overwhelm bulls in the next few days.
Despite the downticks on key indicators at press time, the RSI, OBV, and CMF was still positive. It indicated that SOL’s buying pressure, Spot market demand, and capital inflows remained substantial.
Liquidation levels exhibited a bearish bias
Source: Hyblock
The Cumulative Liq Levels Delta (CLLD) was positive, indicating a bearish bias. It captured the price, faltering at $30. The metric tracks long vs. short liquidation across time. The green/positive reading showed more long positions were liquidated – a bearish inclination.
How much are 1,10,100 SOLs worth today?
The recent higher liquidation levels, shown by larger and medium bubbles, existed at $28.7, $27.5, and $27.0. The liquidity at $28.7 was hit as of press time, and $27.5 could be next before a possible reversal to the upside.
Interestingly, the $27.5 fell within the confluence of liquidity on the chart and an invalidated roadblock and could attract players as support.
