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COINTURK NEWS > Solana (SOL) > Solana Bulls Witness Decreased Selling Pressure: Solana (SOL) Price Analysis
Solana (SOL)

Solana Bulls Witness Decreased Selling Pressure: Solana (SOL) Price Analysis

In Brief

  • Solana (SOL) bulls in Solana have witnessed a decrease in selling pressure and a momentary relief in the past few days. Following the echoes of the FTX uncertainty last week, there was a jump of nearly 20% in prices.ContentsSolana Coin AnalysisSolana Coin Future A recent statement highlighted the impact of social media comments and interactions […]
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COINTURK NEWS 2 years ago
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Solana (SOL) bulls in Solana have witnessed a decrease in selling pressure and a momentary relief in the past few days. Following the echoes of the FTX uncertainty last week, there was a jump of nearly 20% in prices.

Contents
Solana Coin AnalysisSolana Coin Future

A recent statement highlighted the impact of social media comments and interactions on the price of cryptocurrencies. Although SOL reflected short-term upward strength, market sensitivity did not show a definite rise at the time of writing.

Solana Coin Analysis

The rise from $12.8 to $32.13 in June and July indicated a series of Fibonacci correction levels (pale yellow). In the past ten days, the lowest level SOL reached before the buying pressure reflected in prices was $17.33.

After that, the support level did not encounter a test, and there is the potential for a pullback to this level due to a short-term resistance in mid-June. The daily market structure seemed to continue the downward trend as SOL needed to surpass the $20.6 level to initiate an upward movement.

Relative Strength Index (RSI) was just above the neutral 50, indicating a possible change in price structure. On-Balance Volume (OBV) crossed above the resistance in September, reflecting an increase in buying power. A move above $20.6 and a retest could create a buying opportunity targeting $25.4 and $27.5.

Solana Coin Future

Open Interest rate experienced a decrease in the past 24 hours, and the spot Cumulative Volume Delta (CVD) also declined. During this period, Solana traded at the $20 level and faced resistance at $20.6. The funding rate indicated a negative view, emphasizing the majority of short positions.

The falling OI below a resistance zone indicated that Solana bulls were not confident in the upward momentum. The declining spot CVD highlighted strong selling pressure. Therefore, short-term sentiment reflected a downward trend, and SOL may experience a minor pullback from $20 before rising.

Disclaimer: The information in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry a high level of volatility and should conduct their own research before making any transactions.
You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 20 September, 2023 - 11:45 pm 20 September, 2023 - 11:45 pm
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