Can Solana bulls drive prices past $20?

Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different varieties of recommendation and is solely the author’s opinion.

• The upper timeframe chart of Solana outlined $22.3 as a key degree to be careful for.
• The near-term pattern of Solana was bullish and the bounce from $18.5 may go previous $21.3 if shopping for strain will increase.

Solana [SOL] fell to a low of $12.8 on 10 June. From that time to the time of writing, SOL has gained near 53% in worth. On the decrease timeframe worth charts, the pattern and market construction of the token had been firmly bullish.

Learn Solana’s [SOL] Worth Prediction 2023-24

However the 1-day chart confirmed there might be some issues close to the $22 mark.

Bitcoin [BTC] additionally had a better timeframe bullish bias, nevertheless it was caught inside a decrease timeframe vary, with the potential of a dip to $29.5k. If, as a substitute, BTC bulls may drive costs previous the $31.6k-$32k area, SOL bulls would very possible prevail and drive a powerful efficiency on the chart.

The upper timeframe Solana downtrend was not but damaged, however the bulls had been dominant in latest weeks

Supply: SOL/USDT on TradingView

On the 1-day chart, Solana has had a bearish pattern since late February. Regardless of the rally to $26 in mid-April, the bulls couldn’t halt the decrease highs and decrease lows that SOL has shaped for the reason that January rally. However, the market construction of SOL on the every day timeframe was bullish after its transfer above $17.8 on 29 June.

Whereas this will sound contradictory, the inference is that SOL was nonetheless in a better timeframe downtrend. The latest rally should get away previous $22.3 earlier than an uptrend on the every day timeframe will be mentioned established.

The RSI confirmed bullish momentum, however the OBV couldn’t breach a neighborhood resistance (orange). This confirmed some weak point from the patrons. On the worth motion facet, issues had been going nicely for patrons. The bearish order block on the $18.7 space was damaged and flipped to a bullish breaker.

SOL costs had been prone to climb greater, however the lack of exercise on the OBV steered bulls may falter. If that happens, the $20.5 and $21.31 ranges may reject SOL bulls within the coming days, no less than briefly.

The Open Curiosity and the rising costs confirmed that market sentiment was firmly bullish

Supply: Coinglass

The Open Curiosity chart from Coinglass was set to a 1-day decision, that means every candle represented a day. Since 20 June, the Open Curiosity had climbed greater alongside costs. This confirmed speculators possessed bullish convictions.

Sensible or not, right here’s SOL’s market cap in BTC’s phrases

The slight hunch from 3 July got here alongside a pullback from $19.8 to $18.5.

The value motion and OI chart confirmed that the sentiment was firmly bullish up to now two weeks. The shopping for strain was not as strong, but when Bitcoin had been to climb greater, SOL’s good efficiency may proceed.