Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- SOL’s price pump hit a validated roadblock at $25.
- Sentiment was negative, but demand remained positive at press time.
Solana’s [SOL] higher timeframe traders could be forced to be patient as price direction remained obscure at press time. Since 15 October, SOL pumped +10%, rallying from $21.6 to $24.75.
Read Solana’s [SOL] Price Prediction 2023-24
Although the rally hit a critical roadblock, a possible price reversal wasn’t clear at the time of writing.
AMBCryto previously explored how an extended drop could benefit traders after $22 support was flipped to resistance. But the recent price pump cleared the $22 hurdle and tipped SOL to hit the next hurdle at $25.
Will sellers seek re-entry at this hurdle?
The price chart indicators, RSI and CMF, were positive, with steady upticks that indicated an impressive recovery in buying pressure and capital inflows in the past few days.
But the price pump hit a familiar roadblock and daily bearish order block (OB) of $24.06 – $25.30 (red). The block was formed on 14 August and led to a reversal after a retest in early October.
A convincing flip of the hurdle into support will confirm extra bullish intent, with the next target at the marked white area near $27. Otherwise, another price reversal could be likely, given the RSI’s overbought con
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Author: Benjamin Njiri
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