Connect with us
Active Currencies 14397
Market Cap $2,716,602,074,261.30
Bitcoin Share 50.31%
24h Market Cap Change $-0.50

Solana offers bullish movement, but buyers remain cautious

2min Read

SOL rebounded from the bullish order block to halt the bearish slide and maintain its upward momentum.

Solana offers bullish movement, but buyers remain cautious

Share this article

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

  • Bullish optimism returned as Solana recovered from recent price dips.
  • Rising Open Interest strengthened short-term bullish conviction. 

Solana [SOL] rode the market’s bullish wave to recover from its recent losses and maintain its uptrend. This came after sellers attempted to flip Solana bearish after a price rejection at the $29 resistance level.

Read Solana’s [SOL] Price Prediction 2023-24

The confluence of the bullish order block and support level at $22 provided a base for buyers to rebound from the bearish price action. With Bitcoin [BTC] trading above $29k and looking bullish, SOL could extend its gains in the short term.

Bullish order block critical to bullish rebound

Solana SOL 12H price chart on dark background

Source: SOL/USDT on Trading View

SOL’s retracement from the $29 price level took the altcoin to the bullish order block (OB) of $22. The long-term outlook for Solana highlighted the bullish order block as a critical level if the bulls were to halt the bearish slide and continue the uptrend.

Thus, rallying from the bullish OB has put buyers in good stead. However, a price hurdle lies in the path of further gains. The $25.3 resistance level withstood the previous bullish rally on 26 July and it could pose a familiar challenge to buyers again.

Flipping the level to support could be dependent on BTC maintaining its bullish advance. A pullback to the $29k level would hurt Solana’s chances of pushing past this resistance level. If bulls are able to flip the level, the $27 to $29 price levels could serve as near-term targets.

However, another price rejection at the $25.3 resistance level would see SOL fall into a range formation between $22 to $25.

Meanwhile, the RSI and CMF indicators reiterated the rising bullish sentiment with readings of 58 and +0.13, respectively.

Open Interest responds to price uptick

Source: Coinalyze

Is your portfolio green? Check out the Solana Profit Calculator

The Open Interest (OI) data for Solana trended higher on the one-hour timeframe. According to data from Coinalyze, the OI rose by $16 million over the past 24 hours. This revealed a bullish conviction in the futures market.

Similarly, the funding rate was strongly positive, further highlighting the bullish sentiment on the lower timeframes. If SOL successfully closes above $25.3 on the H4 timeframe, it could translate to significant bullish gains in the short term.


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.