Solana consolidates gains above $22: What’s next?
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- Solana’s massive rally hit a hurdle near $25.
- There were massive sell limit orders at $25, $28, and $30.
Solana [SOL] posted +20% gains after fronting an impressive recovery since 28 September. But the recovery faltered at the daily bearish order block (OB) above $24, setting it into a consolidation above $22.
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Meanwhile, Bitcoin [BTC] consolidated recent losses above the mid-range of $27.1k at press time.
In a previous Solana price prediction, AMBCrypto was inclined towards a possible faltering at the $25 roadblock, with $22 as a likely buying interest level. The projection was validated, but the price entered a range formation.
Can SOL bulls push forward?
SOL defended the previous H12 bearish OB of $22.5 – $23.4 (cyan) as the support zone as of press time. If the level holds, SOL could retest or clear the roadblock and daily bearish OB near $25.
Besides, the recent rally left behind a price imbalance and FVG (Fair Value Gap) around $21.84 – $22.44 (orange). That means the stretch from $21.84 to $23.4 could act as a bullish zone.
However, an extended drop, especially if BTC drops below $27k, could set SOL to head to the next support of $20.5 or $18.60.
Meanwhile, the RSI was in the overbought zone, indicating that SOL witnessed massive buying pressure since late September. But the eased OBV denoted that the Spot market demand dipped slightly as of press time.
Sell limit orders placed at $25 and $28
How much are 1,10,100 SOLs worth today?
According to Mobchart, a live order book tracking platform, significant sell limit orders were placed at $25, $28, and $30. The inference from the above is that the $25, $28, and $30 could be profit-taking levels. So, an extended rally could derail near or at these levels.
However, the Open Interest rate was down about 5% at press time, per Coinglass data. It underscored a dip in Futures market demand, which could delay a move to $25 or $28.