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Solana [SOL] bounces from range-low support, what’s next?

Press Releases Crypto News AMB-Crypto Solana [SOL] bounces from range-low support, what’s next?

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

Range-bound formation persisted with neither buyers nor sellers ready to give up price levels.
Traders adopted a cautious approach in the futures market.

Successive attempts by Solana [SOL] bulls to break out of the compact price range have not yielded the expected outcome. The latest bullish rejection at the range-high kept SOL in its sideways movement between $22.4 to $25.3.

Read Solana’s [SOL] Price Prediction 2023-24

Following Bitcoin’s [BTC] descent below $29k, SOL dipped rapidly from the range high. However, SOL’s price recovered immediately through a combination of the bullish order block (OB) and support level.

If SOL’s recent price precedent is to be followed, bulls will make another attempt for the range high ($25.3). Nevertheless, bears could take advantage of the bearish market sentiment to flip the $22.4 support level.

Bulls and bears refuse to give up their respective price levels

Source: SOL/USDT on Trading View

The recent price rejection at the $25.3 resistance saw the Relative Strength Index (RSI) dip below the neutral 50. However, it was recovering, as of press time to highlight rising buying pressure for Solana. On the other hand, the On Balance Volume (OBV) fell off over the past 48 hours and didn’t show any signs of recovery yet.

A look at the price chart on the 12-hour timeframe showed the price tussle between buyers and sellers has ranged on for close to a month. After sellers successfully flipped the $25.3 level to resistance on 22 July, bulls have staunchly defended the $22.3 support level.

While bu

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Author: Suzuki Shillsalot

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