SOL traders can watch out for a short-term recovery from this demand zone

1 year ago 96

Disclaimer: The accusation presented does not represent financial, investment, trading, oregon different types of proposal and is solely the writer’s opinion

  • SOL was successful a short-term terms pullback 
  • A retest and bounce backmost from the $13.0 request portion was likely, portion a downward determination beyond the request portion would invalidate the bias. 

Solana [SOL] rallied from 3 January, rising from beneath $10 to $13 astatine the clip of writing. Afterwards, SOL has been trading wrong cardinal short-term proviso and request zones. 

At property time, SOL was rejected astatine $13.52 aft Bitcoin [BTC] faced rejection astatine the $17K level. The terms rejection forced it into a correction that could settee successful this short-term request zone. 

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

The request astir $13.0: Was a retest likely?

Source: SOL/USDT connected Trading View

SOL’s caller rally deed a roadblock astatine $14.20, somewhat supra the proviso zone. However, the selling unit connected the proviso portion blocked immoderate further rally attempts to bypass it. 

The latest illustration is the short-term rally that faced rejection astatine $13.52, forming a short-term bearish bid block. The blockage acceptable SOL connected the correction that could settee connected the request portion level astir $13.0 if the $13.16 enactment failed to hold. 

If past repeats itself, a bounce backmost could beryllium apt from the request zone, targeting the bearish bid artifact astatine $13.52 and the proviso portion ($13.75 – $14.05) successful the adjacent fewer hours. 

The Relative Strength Index (RSI) retreated aft facing a rejection astir the 60-mark. Furthermore, the On-Balance-Volume (OBV) roseate precocious but formed a downtick. This indicated a driblet successful buying unit alongside a diminution successful trading volumes that could springiness sellers much influence. 

However, a interruption beneath the request portion would invalidate the supra forecast. Such an utmost downtrend could apt effect from a bearish BTC and settee astatine $12.51. 

How many SOLs tin you get for $1?

Solana saw improved sentiment, improvement activity, and request successful the derivatives market

Source: Santiment

According to Santiment, Solana posted 3 affirmative maturation metrics astatine property time. First, the weighted sentiment exhibited an elevated presumption connected the affirmative side, showing an improved outlook for the asset. 

Second, the improvement enactment has been rising since 2 January, which could explicate the improved outlook connected the assets. 

Finally, the driblet successful request successful the derivatives marketplace improved significantly, arsenic evidenced by Binance Funding Rate climbing towards the neutral level from the antagonistic side. 

These metrics indicated a imaginable bounce backmost adjacent earlier SOL reaches the request portion explained successful the three-hour illustration above. However, investors should way BTC’s question for reliable timing. 

Ser Suzuki Shillsalot has 8 years of acquisition moving arsenic a Senior Investigative writer astatine The SpamBot Times. He completed a two-hour people successful journalism from a fashionable YouTube video and was 1 of the fewer to springiness it a affirmative rating. Shillsalot's writings chiefly absorption connected shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is simply a flimsy anticipation the illustration pic is AI-generated. You see, this relationship is chiefly utilized by our freelancer writers and they privation to stay anonymous. Wait, are they Satoshi? :/

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