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

• SOL has been fluctuating below $17 since 21 June. 
• Funding rates wavered in the past few days.

Like Bitcoin’s [BTC] fluctuations below $31k in the past few days, Solana [SOL] consolidated below $17. BTC rallied after increased interest from institutional players seeking leveraged and spot ETFs (Exchange-Traded Funds). But the rally has cooled off, constricting SOL below $17. 

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

Besides, SOL wasn’t out of the woods after US SEC categorized it as a “security”. A recent report showed that the ecosystem’s activity dropped to about 50% after the Binance lawsuit. 

Is a retest of POC likely?

From 21 June, SOL’s price action was marked by fluctuations and traders’ indecision below $17 on the higher timeframe charts. After mounting above the POC (Point of Control, red line, $15.45) of the Fixed Range Volume Profile, SOL’s recovery hit brakes at $17.33.

The $17 aligns with the March low.  

A price rejection at $17.33 could ease at two key levels – $16 or the POC. Although retesting on both could offer buying opportunities, the POC retest could offer the most ideal and impressive RR for long opportunities, targeting $17.33.

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Author: Suzuki Shillsalot

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