Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- The H12 market structure of SOL was bearish.
- The two resistances overhead can stall the bulls later in May.
Solana [SOL] saw increased network usage after transaction fees heightened on Ethereum [ETH] and Bitcoin [BTC]. Yet, despite the influx of users, other metrics such as TVL were in a downtrend. The prices also followed the same path.
Read Solana’s [SOL] Price Prediction 2023-24
The 4-hour chart showed a strong confluence of resistance at $21.8-$22.5. A move into this zone has a higher chance of facing rejection.
Meanwhile, the $21.33 level also offered stern resistance on the lower timeframes, but sentiment favored the buyers in the short-term.
$21.3 was tested as resistance but the buyers did not display strength
The 12-hour chart showed the market structure was bearish.
On 19 April SOL slipped $23.74, which was the higher low formed in mid-April. Thereafter Solana formed a series of lower highs, reinforcing the idea of a bearish market.
The RSI also fell below neutral 50 and has not crossed 55 since then.
This showed bearish momentum was still in power. Yet, over the past week,
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Author: Akashnath S
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