Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- SOL exhibited increasing RSI divergence.
- The funding rate remained positive.
Solana [SOL] experienced a short pullback after hitting the price ceiling and supply zone of $26. It depreciated by 7.68% before steadying near $24. A successful recovery could undermine short-term sellers, but they can still look to bid at certain levels.
Read Solana’s [SOL] Price Prediction 2023-24
Meanwhile, Bitcoin [BTC] dropped to $29.0k before attempting a recovery. SOL’s recovery and upswing could continue if BTC’s surge persists in the next few hours/days.
Sellers subdued?
The price rejection at $26 tipped sellers to gain market entry, sinking SOL to $24. But sellers may be subdued if bulls find steady ground at $24.
With a surging BTC, SOL could aim at the price ceiling of $26 again, but near-term bulls must clear the $25.10 hurdle to gain leverage. The supply zone near $26 could block further uptrend momentum if the $25.10 hurdle is cleared.
As such, the supply zone could exert another downward pressure, setting SOL to depreciate again, especially if BTC doesn’t exceed $31k. Sellers can look to bid at the supply zone again and target the immediate support levels at $24 or $22. A close above $27 will be an invalidation of the thesis.
Meanwhile, the four-hour chart exhibited increasing RSI divergence, which could suggest a likely retracement. Similarly, the A
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Author: Suzuki Shillsalot
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