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Solana bulls fight to hold $24 support but here’s why a drop could be imminent

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

-Solana has a bullish market structure but traded just above important short-term support.

-The sentiment was weakly bearish in the futures market.

Solana [SOL] embarked on an impressive rally over the past week. It surged from $20.1 to $25.49 from 10 April to 14 April, but the past few hours saw SOL drop to the $23.74 mark. At the time of writing, the token saw a bounce in price.

Realistic or not, here’s SOL’s market cap in BTC terms

The higher timeframe analysis showed the breakout past $23 meant a rally toward $26 was likely, but a short-term retracement to this support region could occur soon. Such a retracement could be hastened if Bitcoin [BTC] turned bearish.

Solana showed increased selling pressure despite the gains over the past week

Source: SOL/USDT on TradingView

The Awesome Oscillator was above the zero line which showed momentum was bullish. However, the red bars on the histogram indicated that the bullish momentum was weakening. At the time of writing, SOL buyers skirmished to hold on to the $24-$24.5 support zone.

If they succeed, a push toward $26 could be on the table. But the weekend could see low volume and heightened volatility. The A/D indicator formed a series of lower highs over the past few days, showing rising selling pressure.

The market structure remained bullish, but a drop below $23.74 would show bears have the upper hand. The falling A/D pointed toward this likelihood. Beneath the $24 level, the $22.4-$23 area is likely to be a strong zone of support.

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Author: Akashnath S

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