Solana
Solana Price Prediction – SOL Investors Will Soon Have This Decision to Make
- Solana has a strongly bearish market structure on lower timeframes.
- The 78.6% Fibonacci level has been valiantly defended – but for how much longer?
Solana [SOL] hasn’t had much positive news in terms of price action. It was rejected due to a time imbalance higher at $160 and settled into a range formation.
This range was from $156 to $116.3. Technical indicators showed a bearish bias. A recent AMBCrypto Report also highlighted the fate of Open Interest behind SOL and its bearish implications.
The average level was now resistance
Source: SOL/USDT on TradingView
The range (purple) has its average mark at $136.6. At press time, SOL was trading at $129.1. It appears to be heading towards the mid-range tier as a retest and is expected to be rejected in the coming hours.
The RSI remained below the neutral 50 mark on the 12-hour chart. Its reading of 40.57 shows bearish momentum. OBV saw a slow downward trend during the second half of April. Over the past two days, it has rebounded from the mid-April low.
If this OBV support is broken, it would indicate that SOL sellers are gaining strength. This could be enough to push prices below the range low of $116. Solana price prediction based on internal structure highlighted $122 as a critical support level.
The next magnetic zone could dash all bullish hopes
Source: Hybloc
Sentiment in the market was already fearful. The move to $116 on April 13 and the subsequent rebound showed that liquidity near $120 had already been swept away.
Read by Solana [SOL] Price prediction 2024-25
Right now, the next significant liquidity pool is at $100. To the north, the $160 and $145 levels were the resistances to watch.
Considering the results of price action and technical indicators, a move to $100 or $92 would not be surprising.
Disclaimer: The information presented does not constitute financial, investment, business or other advice and represents the opinion of the author only.