Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- Solana witnessed a bullish structure on the D1 chart.
- The decline in the volume indicators suggested bullish traders can exercise some caution.
Solana [SOL] saw a decline in certain aspects such as user activity and non-vote transactions on the network. While this decline occurred in Q3, the price of the token appreciated considerably, going from $18 to $32 before retracing a good chunk of those gains.
How much are 1, 10, or 100 SOL worth today?
AMBCrypto noted that SOL was trading at a significant resistance zone at $25, and a flip of this zone to support could see the bulls drive prices to $27. Will SOL traders be forced to endure a period of consolidation, or can prices pump past the resistance quickly?
Solana’s market structure was firmly bullish
The one-day chart reflected the bullish leaning of market participants. The recent higher low was at $20.93 and a move below this would be necessary to shift the structure. Meanwhile, the Fibonacci retracement levels showed that the 78.6% level was nearly tested in mid-September before SOL embarked on its rally to $25.
Together they showed that a continuation of the uptrend was likely. Yet, the volume indicators were in disagreement. The On-Balance Volume (OBV) slowly trended downward since mid-July. It saw a brief uptick in the second half of September but began to descend in October. The Chaikin Money Flow (CMF) was at -0.05 at the time of writing.
Both indicators showed relatively strong selling pressure over the past ten days to two weeks. This was at odds with the price action and the
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Author: Akashnath S
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