Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- SOL retested mid-August levels, reversing part of Q3 losses.
- Spot and Futures market demand improved from September.
Solana [SOL] started Q4 on a bullish note after posting a +11% pump on 1 October. The weekend pump followed Bitcoin’s [BTC] reclaim of $28k.
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In late September, AMBCrypto explored a possible short-term range extension before a likely surge for SOL. The projection was validated, but SOL’s rally hit a key hurdle on the daily chart as of press time.
Can bulls clear the hurdle?
The recovery that began in September was extended into Q4, with an 11% pump on 1 October. But the rally hit a daily bearish order block (OB) of $24.06 – $25.30 (red).
In the meantime, BTC also hit its range-high of $28.3k and was yet to front a bullish breakout as of press time. Until the bullish breakout occurs, SOL could derail at the $24 hurdle and could make the $21.0 – $22.3 (cyan), a key buying interest in case of a pullback.
An extended recovery could target $26.85 or $30, thus providing bulls with more room to maneuver if BTC doesn’t post losses in the mid-term.
Conversely, a crack below the previous resistance near $22 (cyan)
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Author: Benjamin Njiri
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