Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion.
Solana [SOL] carried out nicely within the final week of Could. On 25 Could, SOL, which had been trending downward since mid-April, bounced larger from the $19.25 assist degree. At press time, the value was at a resistance once more.
The larger image of the value motion of the previous 4 months confirmed Solana swing from $18 to $26. Whereas there was no sturdy development, the decrease timeframe merchants would profit enormously from understanding the place the shift in tendencies may happen.
Solana pushed towards $21.5 once more final week with out luck
Supply: SOL/USDT on TradingView
The market construction on the each day timeframe was bearish. Solana confronted resistance on the $21.3 degree, which has been essential since late March. On the time of writing, it hovered proper beneath this degree. The buying and selling quantity has been low all through Could, which pointed towards a section of consolidation.
Because of this, the OBV didn’t see wild swings in any route. It additionally didn’t show a development, and its flat development confirmed that neither consumers nor sellers had the higher hand. The CMF was barely above +0.05, exhibiting sturdy capital circulate into the market.
A each day session shut above $21.55 may be taken as a bullish shift in market construction. Following this, merchants can look to purchase SOL and wait to promote at a check of the resistance at $24.2 and $26. Alternatively, a transfer again to the $19.2 assist would additionally supply a shopping for alternative, albeit riskier.
The RSI flipped impartial 50 to assist and indicated the development was weakly bullish. A transfer to $21.5 and rejection subsequent week could be indicative of a transfer decrease. Bitcoin may additionally affect its route.
Growth exercise ought to encourage buyers
Supply: Santiment
How a lot is 1, 10, or 100 SOLs price at present?
Solana lacked a powerful larger timeframe value development in latest weeks and its social dominance slowly crept decrease in Could. Neither the falling costs nor the dwindling dominance deterred the builders, which confirmed robustness.
Alongside the weak bearish value motion of the previous two months, weighted sentiment additionally remained unfavourable. This was not a shock, because it takes sturdy value actions and really optimistic information from builders to shift the sentiment the opposite method.
