Solana: Is this demand zone the key to sustaining bullish uptrend?

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

• Demand zone at key value degree may very well be vital in reversing bearish slide.
• Funding price remained constructive to encourage consumers.

As of press time, Solana [SOL] continued to face growing promoting strain. This noticed the altcoin dip to the assist degree across the $22 value zone. As such, a profitable protection of the $22.4 assist degree may very well be key to bulls holding onto their upward momentum.

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

In the meantime, market situations continued to flash combined indicators with Bitcoin [BTC] ranging between $28.9k and $29.4k

Key assist degree presents new shopping for alternative for bulls to reverse bearish slide

Supply: SOL/USDT on Buying and selling View

Solana’s robust bullish rally misplaced steam across the $30 – $32 value degree. This afforded sellers an entry level on the upper timeframes from the $29 resistance degree.

The present uneven market situations have been favorable for SOL bears with value making a sequence of decrease highs. Nonetheless, costs have hovered over a key assist degree over the previous 48 hours with bulls trying to reverse the latest losses.

Bulls have precedent for robust shopping for energy from the present assist degree, as seen on 13 July. This assist degree additionally doubles as a major demand zone. Subsequently, consumers can look to bid SOL from this value degree with revenue targets at $25 – $28.

Alternatively, if bears break this assist degree, it is going to flip Solana’s market construction bearish. Sellers can goal $18 – $20 as near-term targets.

Within the meantime, the RSI remained underneath impartial 50 whereas the OBV continued its sluggish decline. Each indicators had been in assist of a bearish extension, as of press time.

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

Optimistic Funding Fee might help bullish reversal

Supply: Coinglass

A have a look at the funding price information on Coinglass confirmed that regardless of the worth retracement, Solana’s funding price has remained largely constructive since its vital run-up to $32.

This may very well be useful to bulls, as they bid to stem the bearish slide and proceed SOL’s upward development.