Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different varieties of recommendation and is solely the author’s opinion.
- SOL flipped bullish in larger and decrease timeframes.
- CVD spot rose sharply prior to now three days.
Solana’s [SOL] bullish momentum from 25 Could noticed it mount above key multi-week trendline resistance. The “Ethereum [ETH] killer” was up 5% at press time, buying and selling at $20.45, as per CoinMarketCap.
Is your portfolio inexperienced? Try the SOL Revenue Calculator
Regardless, Bitcoin [BTC] was nonetheless in an total downtrend on larger and decrease timeframes, regardless of reclaiming the $27k at press time. Except it breaks above the $27.4k, BTC’s failure to flip bullish may curtail SOL’s bulls.
Can bulls prolong extra positive aspects?
Supply: SOL/USDT on TradingView
All the important thing marked ranges of help and resistance are primarily based on the each day chart. The pink/provide zone, $24 – $27, is a bearish order block (OB) shaped on 20 February, whereas the white zone ($19.7 – $21.2) is a bullish OB shaped on 10 February.
Lastly, the decrease help zone (cyan) of $16.7 – $18.8 is a March swing low, and one other bullish OB shaped on 9 March.
The Fib device is predicated on the latest swing excessive in mid-April and the latest decrease low in Could. Value motion has moved above the trendline resistance on the upper and decrease timeframe – SOL flipped to uptrend momentum.
The 23.6% Fib stage ($20.40) aligns with the bullish OB (cyan). Nonetheless, bulls should shut above the 38.2% Fib stage ($21.47) to extend their possibilities of rallying to the 50% Fib stage of $22.33 or the availability zone above $24. This might happen if BTC’s momentum flips bullish too.
Failure to shut above $21.2 may set SOL to hover close to $20.40, drop to the trendline resistance (blue line) or retest the March swing lows.
In the meantime, the RSI (Relative Energy Index) was within the overbought zone, confirming the robust shopping for stress as of press time. The OBV (On Stability Quantity) additionally elevated, highlighting improved demand.
CVD spot elevated
Supply: Coinalyze
How a lot are 1,10,100 SOLs value immediately?
The CVD (Cumulative Quantity Delta), which measures cumulative quantity change in buys and sells over time, was optimistic on the 1-hour chart from 25 Could. This reveals bulls have the higher hand in the identical interval.
If BTC falters, the Solana’s short-term bullish prospects may very well be undermined.
