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SOL climbs above its July high but do the bulls need to rest and recharge?

Press Releases Crypto News AMB-Crypto SOL climbs above its July high but do the bulls need to rest and recharge?

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

SOL posted enormous gains over the past two weeks
Such momentum might not be sustained for very long and could see consolidation or even a pullback

Solana [SOL] saw an increased trade volume as prices sailed to levels not seen since November 2022. A resistance level of $32 from mid-July, as well as the previous November’s high, were the next targets for SOL.

Read Solana’s [SOL] Price Prediction 2023-24

A previous report from AMBCrypto noted that the $30, $32, and $37.4 were the levels of importance for bulls to beat. It also highlighted the $24 level as one that bulls must defend in the long run to sustain the rally.

The strong rally promised further gains for SOL bulls to enjoy

Source: SOL/USDT on TradingView

A set of Fibonacci retracement levels (pale yellow) was plotted based on SOL’s rally from $12.8 to $32.13 that occurred in June and July. It showed the 23.6% and 61.8% extension levels were at $36.69 and $44.08.

The $37-$39 zone was particularly important because it was the region where SOL faced resistance in September and November 2022. Therefore, a large amount of sell orders could be present up to $40, making bullish progress strenuous.

The On-Balance Volume (OBV) was in an uptrend and the Chaikin Money Flow (CMF) was above +0.05 to show significant capital inflow. Together they signaled bullish pressure on the daily chart. The market structure was also firmly bullish, and the Relative Strenght Index (RSI) was above 7

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Author: Akashnath S

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