Solana – How a critical support level could stem the losses


18 Sep 2023 7:30 AM

On 10 September the price fell from $19.6 to $17.8 and the Open Interest rose by close to $30 million. However, some of that seller conviction has since evaporated......

  • The writer's opinion is that Solana has a bearish market sentiment, momentum, and price structure.
  • There is a potential high-reward buying opportunity if prices drop further.
  • SOL saw a spike in social dominance but prices continued to decline, suggesting that market sentiment has not reversed.
  • The downtrend has not stopped yet, with SOL experiencing a sharp drop in mid-August.
  • The sellers have breached key support levels, indicating their dominance in the market.
  • The RSI is below neutral 50, indicating bearish momentum.
  • A test of the $16.94 level could provide a buying opportunity, with targets at $25.5, $29, and $32.
  • If SOL falls below $15.5, it would invalidate the idea of a bullish reversal.
  • On September 10, there was evidence of bearish conviction with a price drop and increased Open Interest.
  • The spot CVD has seen a bounce higher, but another dip is still possible.

The overall sentiment in the article is bearish, with the writer highlighting the bearish market sentiment, momentum, and price structure of Solana. They also mention the potential buying opportunity if prices drop further.

Go to publisher site

You May Ask

What is the market sentiment for Solana?Is there a buying opportunity for Solana?What are the key support levels for Solana?What are the potential targets for Solana if it bounces back?What evidence of bearish conviction was seen on September 10?

Suggested Reads