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

• SOL cracked key support zone of $16.7 – $18.8 (cyan) 
• Sentiment was neutral in the Futures market

After being marked as a “security” last Monday (5 June) by the U.S SEC, Solana [SOL] hasn’t seen any major upside move on the charts. The response by Solana Foundation hasn’t spurred any hopes for bulls as Bitcoin [BTC] hit $25k over the weekend (10/11 June). 

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

At the time of writing, BTC struggled to cross $26k ahead of May’s CPI (Consumer Price Index) data scheduled for 13 June and the FOMC meeting on 13/14 June. A higher timeframe bullish bias for BTC, above $27k, could tip SOL to clear a key overhead roadblock.

SOL flips bearish after weekend dump

The weekend’s slump saw SOL breach the support zone of $16.7 – $18.8 (cyan). The support zone was also a bullish order block (OB) formed on 9 March on the daily chart. The weekend slump followed BTC’s retest of $25k, flipping SOL to a bearish bias after dropping below the trendline resistance and March’s low of $16. 

Unless BTC moves beyond $26.6k and crosses above $27k, bulls could have difficulty clearing the confluence area of bullish OB and trendline resistance near $17. A price rejection a

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Author: Suzuki Shillsalot

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