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

• Trendline resistance has become a key obstacle.
• OI increased since mid-May; CVD turned negative.

Solana [SOL] market structure weakened as Bitcoin [BTC] struggled to stay firmly within the $27k price zone. Bears recently breached the $20 psychological level, exposing SOL to more selling pressure.  

Is your portfolio green? Check out the SOL Profit Calculator 

Despite the ongoing bearish pressure, the “Crypto Fear and Greed” was “neutral” at press time. Meaning SOL’s price could either recover or sustain more losses. Now, which way for SOL? 

SOL’s trendline resistance hurdle

Price action from late April has faced rejection at a key trendline resistance level (blue line). At press time, another price rejection was witnessed at the above obstacle, making it a key blockage for bulls. 

Meanwhile, the Relative Strength Index dominated lower ranges for most of May, reiterating declining buying pressure in the past few weeks. Similarly, On Balance Volume declined in the same period – limiting a strong revival opportunity. 

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Author: Suzuki Shillsalot

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