Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- SOL accrued +30% gains in three days between 19 – 21 October.
- SOL’s price action faltered around $30 psychological level at press time.
Solana [SOL] pumped +30% in just three days, 19-21 October, retesting the $30 psychological level. But price action showed a slight weakening after hitting the $30.
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AMBCrypto noted that SOL could appreciate to $32, but at a slower pace than the previous aggressive pump in July. The faltering price action at $30 at press time cemented the above idea. But does that still make $32 a bullish target?
Will SOL extend the bullish momentum?
On the 12-hour chart, there were two crucial levels that pullback could extend to. The first was a confluence of a liquidity/price imbalance at $27.3 – $28.6 (cyan) and an H12 bearish order block at $26.14 – $27.38 (white).
The second level was at a breaker block of $24.0 and $25.3 (red), right below the first level of interest. However, the confluence at the first level could ease the pullback, especially if BTC doesn’t retrace much in the mid-term.
If SOL extends recovery, the bullish targets will be $30, $32, $33.8, and $37.4.
Conversely, the altcoin could depreciate to the breaker block at $24 should sellers overwhelm bulls in the next few days.
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Author: Benjamin Njiri
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