Connect with us
Active Currencies 14794
Market Cap $2,467,692,571,200.00
Bitcoin Share 51.25%
24h Market Cap Change $-0.87

Here’s what Solana can look forward to

2min Read

Solana registered gains of 9.7% over the past seven days to rally from the $18.86 support level.

What next for Solana after its bullish comeback

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.

Solana continued its short-term bullish rally to flip the $20 psychological level back to support.

A recent price report highlighted the possibility of a rally for bulls from the $18.86 support level after bears cracked the $20 psychological level. The release of Solana’s network update might have served as a catalyst for the bullish pullback.

SOL registered gains of 9.7% over the past seven days, riding on Bitcoin’s [BTC] climb to $27k over the same period. Could this be the start of a sustained bullish reversal for Solana?

Bullish comeback spurred by increased volume

Source: SOL/USDT on Trading View

Solana has been under sustained selling pressure since mid-April. This has seen its market structure remain bearish on the higher timeframes, breaking through key supports at $22.80 and $20.

However, Solana bulls were able to mount a comeback from the $18.86 support level, registering rapid gains to recover the $20 support level.

The strength of the bullish pullback was reflected by the on-chart indicators. The RSI rose sharply into the overbought zone before dipping back to the neutral 50 mark.

The OBV also experienced a 2.58 million uptick in volume while CMF remained positive at +0.05 to signal steady capital inflows.

The bullish comeback met resistance at the $21.46 price level, although the H4 structure remained in an uptrend. Bulls will be keen to press on with another move upward, especially if Bitcoin continues its push toward $30k.

On the flip side, bears could look to retest Solana’s $20 support level to continue the bearish trend on the lower timeframe.

Market sentiment leaned slightly toward bullish continuation

Source: Coinglass

A look at the long/short ratio on Coinglass showed market speculators seeking to position themselves for either another upward move or a downward retest.

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

As of press time, longs held a marginal 50.97% advantage. This hinted at speculators leaning toward another upward trend for Solana.

Furthermore, the Funding Rate remained strongly positive in the four-hour timeframe to signal continued demand for Solana. Taken together, they showed the short-term bullish comeback could yet register more gains.

Source: Coinalyze


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.