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Solana: Seeking buying opportunities? Consider these levels

2min Read

Here’s how Solana could offer new buying opportunities based on BTC’s price actions.

Solana: Seeking buying opportunities? Consider these levels

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

  • SOL’s 4-hour timeframe was bearish at the time of writing.
  • The token’s buying volumes declined at the range-high of $16.11.

Solana [SOL] has been constricted in a range formation since 10 June. The corrective bounce from the $14.4 range low from 16 June received a double boost. The initial boost was from Bitcoin’s [BTC] upswing and, second, Solana’s impressive NFT performance


Is your portfolio green? Check out the SOL Profit Calculator 


But the price action has hit the range-high of $16.11 at the time of writing. On the other hand, BTC focused on $27k, but if bulls falter, SOL could retrace to these levels. 

Can bulls clear the range-high hurdle?

Source: SOL/USDT on TradingView

The RSI (Relative Strength Index) was above the 50-mark at press time but registered a downtick. It showed recent buying pressure eased after SOL hit the range-high of $16.11. Similarly, the Accumulation/Distribution retraced slightly, showing a pause in accumulation. 

If BTC cannot cross $27k, SOL could retrace to the mid-range of $15.24 or range low of $14.4. Notably, the mid-range had rescued the bulls once before. Below lies a key resistance level of November/December 2022, at $14.93. 

So, a likely rebound from the $14.93 – $15.24 could offer a new buying opportunity. Alternatively, a retest on the breakout level at the range-high of $16.11, especially if BTC crosses $27k, could offer secondary buying opportunities, targeting $17.33 (near the March swing low). 

Buying volumes eased

Source: Coinalyze


How much are 1,10,100 SOLs worth today


The CVD (Cumulative Volume Delta), which tracks buying and selling volumes and overall sentiment, improved on the 1-hour chart from 18 June. But the metric moved sideways at press time, indicating buying pressure eased. 

Similarly, the open interest (OI) rates fluctuated narrowly below $160 million. A decline in the OI will indicate increasing bearish sentiment and likely retest of the mid-range level of $14.93 – $15.24. But a bullish BTC (above $27k) will invalidate the thesis. 

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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.
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