Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- Solana fell below an HTF demand zone at $20.
- The price action signaled strong bearish intent, and a move to $17 seemed likely.
Solana [SOL] had formed a short-term range between $20 and $22.2 in the latter half of August. However, recent selling pressure saw the bulls cede control of this support zone to the bears. This did not bode well for long-term investors, as another 12% drop was inbound.
Realistic or not, here’s SOL’s market cap in BTC’s terms
Questions about Solana’s network stability were raised when it was revealed that MakerDAO [MKR] was considering the former as its preferred blockchain. On this note, co-founder Rune Christensen tweeted that the technical quality of the Solana codebase was what NewChain required.
The failure to defend the weekly order block signaled SOL is headed lower- but will we get a retest first?
The $20-$22 zone, demarcated by the red box, represented a former bullish order block from the weekly timeframe for SOL. On 31 August, a 12-hour trading session closed below the order block, which meant bears had won this battle. This meant the range formation was also defeate
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Author: Akashnath S
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