- Solana saw a bearish shift in the 12-hour market structure
- The liquidation heatmap highlighted how deep the retracement might reach
Solana [SOL] faced some selling pressure at the $118 area over the past week. This saw the market structure shift bearishly as the price action entered a phase of lower highs and lower lows.
AMBCrypto sought to explore where the buyers could attempt to reverse the recent bearish pressure.
In other news, the Total Value Locked (TVL) of Solana reached a high not seen since June 2022. The volume was also high according to data from DefiLlama.
The price action showed a bearish bias
Source: SOL/USDT on TradingView
The higher low at $103.4 was set on the 12th of February. At that point, the market structure was bullish, and SOL reached a new local high at $118.69. Since then, the price has receded.
The OBV also fell alongside it. The buyers were unable to hold on to the support they established midway through February.
The increased selling volume and the market structure shift were also seen on the daily RSI. The momentum indicator fell below neutral 50 to signal a change away from the bullish pressure of the past month.
The Fibonacci retracement levels (pale yellow) showed that the 61.8% level at $94.16 was likely to serve as support in case SOL descends further. Below it, the 78.6% level at $87.49 is also an area of interest for longer-term buyers.
AMBCrypto expects that a retest of either of these levels will be followed by a rally to the 61.8% extension level at $143 in the coming weeks. The psychological $150 level might also be retested.
The Solana heatmap supports the idea of a deeper retracement
Source: Hyblock
The $98.6-$100 region was estimated to have $2 billion to $2.6 billion in liquidations. Further south, the $92.5 level was highlighted with liquidations amounting to $3.6 billion. This meant that Solana prices were likely to be attracted toward these regions in the coming days or weeks.
Is your portfolio green? Check the Solana Profit Calculator
A fall to the $87-$92 area appeared unlikely. Yet, traders must be prepared for a move as far south as $88, especially if SOL spirals below the $94 support level.
This would likely offer a good buying opportunity, as the liquidity at the $115-$120 region would be the next target after such a drop.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- Solana saw a bearish shift in the 12-hour market structure
- The liquidation heatmap highlighted how deep the retracement might reach
Solana [SOL] faced some selling pressure at the $118 area over the past week. This saw the market structure shift bearishly as the price action entered a phase of lower highs and lower lows.
AMBCrypto sought to explore where the buyers could attempt to reverse the recent bearish pressure.
In other news, the Total Value Locked (TVL) of Solana reached a high not seen since June 2022. The volume was also high according to data from DefiLlama.
The price action showed a bearish bias
Source: SOL/USDT on TradingView
The higher low at $103.4 was set on the 12th of February. At that point, the market structure was bullish, and SOL reached a new local high at $118.69. Since then, the price has receded.
The OBV also fell alongside it. The buyers were unable to hold on to the support they established midway through February.
The increased selling volume and the market structure shift were also seen on the daily RSI. The momentum indicator fell below neutral 50 to signal a change away from the bullish pressure of the past month.
The Fibonacci retracement levels (pale yellow) showed that the 61.8% level at $94.16 was likely to serve as support in case SOL descends further. Below it, the 78.6% level at $87.49 is also an area of interest for longer-term buyers.
AMBCrypto expects that a retest of either of these levels will be followed by a rally to the 61.8% extension level at $143 in the coming weeks. The psychological $150 level might also be retested.
The Solana heatmap supports the idea of a deeper retracement
Source: Hyblock
The $98.6-$100 region was estimated to have $2 billion to $2.6 billion in liquidations. Further south, the $92.5 level was highlighted with liquidations amounting to $3.6 billion. This meant that Solana prices were likely to be attracted toward these regions in the coming days or weeks.
Is your portfolio green? Check the Solana Profit Calculator
A fall to the $87-$92 area appeared unlikely. Yet, traders must be prepared for a move as far south as $88, especially if SOL spirals below the $94 support level.
This would likely offer a good buying opportunity, as the liquidity at the $115-$120 region would be the next target after such a drop.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
can i get clomiphene online cost cheap clomid without rx clomid chance of twins where to buy cheap clomid no prescription says: where can i buy generic clomid without dr prescription can i buy generic clomiphene price buying cheap clomid without dr prescription
I like what you guys are up also. Such clever work and reporting! Keep up the excellent works guys I have incorporated you guys to my blogroll. I think it will improve the value of my website 🙂
More peace pieces like this would insinuate the интернет better.
I’ll certainly return to skim more.
zithromax order online – buy tindamax generic metronidazole 400mg brand
where to buy semaglutide without a prescription – cyproheptadine 4mg oral cyproheptadine 4 mg uk
where can i buy domperidone – tetracycline 500mg over the counter buy cyclobenzaprine 15mg generic
I¦ll right away grasp your rss as I can’t to find your email subscription link or e-newsletter service. Do you have any? Kindly let me realize in order that I may just subscribe. Thanks.
order augmentin generic – https://atbioinfo.com/ ampicillin us
Este site é realmente fascinate. Sempre que consigo acessar eu encontro novidades Você também pode acessar o nosso site e descobrir detalhes! informaçõesexclusivas. Venha descobrir mais agora! 🙂
esomeprazole 40mg pills – anexa mate generic esomeprazole 20mg
medex order – https://coumamide.com/ buy cozaar generic
buy mobic 15mg pills – swelling generic meloxicam 15mg
Very interesting points you have noted, thankyou for posting.
deltasone 40mg sale – https://apreplson.com/ prednisone 40mg uk
pills for erection – fastedtotake buy generic ed pills online
buy amoxicillin for sale – https://combamoxi.com/ buy amoxil medication
order diflucan sale – https://gpdifluca.com/# diflucan drug
escitalopram us – escitalopram 20mg canada buy lexapro 10mg for sale
generic cenforce 50mg – generic cenforce 50mg cenforce order online
cialis manufacturer coupon 2018 – https://ciltadgn.com/ sanofi cialis
cialis ontario no prescription – cialis coupon 2019 best price for cialis
order generic ranitidine – https://aranitidine.com/# cheap zantac
cheap viagra – https://strongvpls.com/ sildenafil 100 mg oral jelly
This is the tolerant of delivery I recoup helpful. https://gnolvade.com/es/comprar-kamagra-generico/
More text pieces like this would create the web better. https://buyfastonl.com/gabapentin.html
I’ll certainly return to review more. purchase azithromycin generic
I’ll certainly carry back to review more. https://prohnrg.com/product/diltiazem-online/
This is the kind of advise I unearth helpful. https://aranitidine.com/fr/lasix_en_ligne_achat/
This is the kind of writing I positively appreciate. https://ondactone.com/spironolactone/
This is the kind of serenity I take advantage of reading.
order nexium 20mg capsules
Proof blog you be undergoing here.. It’s hard to on elevated worth belles-lettres like yours these days. I honestly respect individuals like you! Take care!! http://www.orlandogamers.org/forum/member.php?action=profile&uid=29108
Whoa! This blog looks exactly like my old one! It’s on a entirely different subject but it has pretty much the same layout and design. Wonderful choice of colors!
I have read several good stuff here. Certainly value bookmarking for revisiting. I surprise how a lot attempt you set to create one of these wonderful informative web site.
purchase dapagliflozin generic – https://janozin.com/ cheap dapagliflozin
Hi, I think your site might be having browser compatibility issues. When I look at your blog site in Firefox, it looks fine but when opening in Internet Explorer, it has some overlapping. I just wanted to give you a quick heads up! Other then that, great blog!
xenical tablet – https://asacostat.com/# cost orlistat 120mg
I like this site very much so much good information.
With thanks. Loads of knowledge! https://experthax.com/forum/member.php?action=profile&uid=124770