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What next after Solana flips $20-level to resistance

Press Releases Crypto News AMB-Crypto What next after Solana flips $20-level to resistance

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

Bullish defense of $20 level caved to selling pressure.
Rising OI suggested continuation of the bearish trend.

Solana’s [SOL] bearish market structure continued, with prices making a series of lower highs to extend sellers’ advantage. Prevailing market conditions and bears’ crack of the $20 support level further weakened the altcoin.

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

Bitcoin’s [BTC] oscillation between $26k and $27k has introduced a high level of caution by investors, with traders looking to avoid being caught out by substantial price movements.

Bears crack $20 psychological level

Source: SOL/USDT on Trading View

The sustained selling pressure on Solana took it to the major support level of $20 on 8 May. Bulls mounted a strong defense of the level for a 2-week period before finally caving to the bearish momentum. Another bullish attempt to rally was pushed back at the new resistance level of $20. This introduced further lows, with SOL trading at $19.26 as of press time.

Meanwhile, the on-chart indicators didn’t give any clear signals. The Relative Strength Index (RSI) remained under neutral 50, highlighting the lack of buying pressure. The On Balance Volume (OBV) stayed flat while the Chaikin Money Flow (CMF) hovered over the zero line, reiterating the indecision by market speculators on capital inflows for SOL.

A look at the four-hour timeframe showed that price briefly bounced off the minor support zone at $18.86 over the past two days. Based on SOL’s historical price movement, this might be a brief respite before t

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Author: Suzuki Shillsalot

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