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Solana price prediction – SOL investors will soon have this decision to make

2min Read

The findings from the price action and technical indicators highlighted that Solana investors must brace for further losses.

Solana price prediction: Bulls will not like this projection one bit

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  • Solana has a strongly bearish market structure on the lower timeframes.
  • The 78.6% Fibonacci level has been valiantly defended – but for how much longer?

Solana [SOL] did not have much positive news for it in terms of the price action. It faced rejection from a higher timeframe imbalance at $160 and has settled into a range formation.

This range extended from $156 to $116.3. The technical indicators had a bearish bias to them. A recent AMBCrypto report also highlighted the plight of the Open Interest behind SOL, and its bearish implications.

The mid-range level was resistance now

Solana 12-hour Chart

Source: SOL/USDT on TradingView

The range (purple) has its mid-range mark at $136.6. At press time, SOL was trading at $129.1. It appeared to be headed to the mid-range level as a retest and is likely to face rejection in the coming hours.

The RSI remained below the neutral 50 mark on the 12-hour chart. Its reading of 40.57 showed bearish momentum. The OBV has been in a slow downtrend in the second half of April. The past two days saw it bounce from the mid-April low.

If this OBV support is broken, it would indicate that SOL sellers were gaining strength. This might be enough to push prices below the range lows at $116. The Solana price prediction based on the internal structure highlighted that $122 was a critical support level.

The next magnetic zone could deflate all bullish hopes

Solana Liquidation Hyblock

Source: Hyblock

The sentiment in the market was already fearful. The move to $116 on the 13th of April and the subsequent bounce showed that the liquidity near $120 was already swept.

Read Solana’s [SOL] Price Prediction 2024-25

Right now, the next sizeable liquidity pool is at $100. To the north, the $160 and $145 levels were the resistances to watch.

Given the findings from the price action and technical indicators, a move to $100 or $92 would not be surprising.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.


Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis. In fact, Akashnath has a particular interest in reading price charts and predicting how an asset will move over the short and long term. A self-taught trader and as someone who holds cryptos himself, he is always on the lookout for the next opportunity he can possibly capitalize on, while also educating his audience.
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