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Solana: Can bulls sustain the buying pressure

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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.

Bears recently broke below a critical price level but a quick bullish rebound could put a pause to further gains.
Sellers continued to hold the greater share of open contracts on the higher timeframes.

Solana’s [SOL] bearish momentum saw it break below the confluence of the $22.4 support level and the bullish order block (OB) over the past 48 hours. This was after the bullish defense of the level failed to withstand the selling pressure with price descending to the $19 region.

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

Despite the bearish bias, bulls were attempting a quick recovery with 7% gains over the past 12 hours. A critical hurdle stands in the way of the bullish rebound at the new resistance level ($22.4). Can Solana bulls sustain the buying pressure to reverse the recent losses?

Will bears extend gains on retest of $22.4 level or will bulls rebound?

Source: SOL/USDT on Trading View

Solana’s bearish slide has seen sellers flip two key support levels over the past month. The $25.3 support was the first to give way at the end of July. While bulls staunchly defended the $22.4 level, it also caved to the selling pressure on 17 August.

The flip of the most recent support level was significant because it broke the previous lower high suggesting a shift in momentum on the higher timeframes.

Despite bears having the upper hand, market conditions looked to be picking back up with Bitcoin [BTC] trading at $26.5k, as of press time. This could help bulls quickly recover the $22.4 price level.

On the other hand, if the selling pres

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Author: Suzuki Shillsalot

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