Solana retests key support: Is a price reversal likely?
Journalist
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Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion.
- SOL retraced to a vital bullish order block close to $18.
- MobChart confirmed large purchase restrict orders at $18 and $19.
Solana [SOL] breached the $20 psychological degree, however the drop may ease as shopping for curiosity surged close to the $18 and $19 ranges. However, Bitcoin [BTC] was caught within the range-low at $25k at press time and will complicate a strong upswing for SOL.
How a lot are 1,10,100 SOLs price right now?
Can bulls defend the $18-$19 space?
Supply: SOL/USDT on TradingView
The $20 degree was essential help between April, Might and on the finish of August. But it surely was breached in September. Nonetheless, the plunge has hit a every day bullish order block (OB) of $18.3 – $19.5 (white).
If the demand spikes on the above bullish OB, SOL may goal $22 or the 50% Fib degree ($22.5) within the subsequent few days.
Conversely, sellers may push it decrease to 23.6% Fib degree ($17.4) or the following every day bullish OB of $15.6 – $16.65 (cyan).
In the meantime, the Relative Power Index (RSI) oscillated beneath 50 up to now few days, exhibiting muted however equal shopping for and promoting stress.
Equally, the Chaikin Cash Stream (CMF) exhibited swings across the zero mark, reinforcing capital inflows wavered over the identical interval.
Huge shopping for curiosity at $18-$19
Supply: MobChart
On Mobchart, the real-time order monitoring platform, there was vital shopping for curiosity at $18 and $19. Giant purchase restrict orders had been positioned at these ranges on the Binance Change, as proven by the inexperienced strains. So, the worth may bounce from these ranges.
Is your portfolio inexperienced? Take a look at the SOL Revenue Calculator
On the promote facet, massive promote restrict orders had been positioned on the $22 degree on the 4-hour timeframe. The inference from above is {that a} value reversal may happen when SOL edges nearer to $22.
So, if BTC defends the range-low, SOL may intention at $22 or the 50% Fib degree ($22.5). However bulls should clear the $20.2 hurdle (38.2% Fib degree) to push ahead in such an upswing state of affairs.
