- Solana boasted about a robust bullish demand and momentum.
- The lower timeframes indicated that the bullish sentiment had weakened over recent hours.
Solana [SOL] The meme coin rally is generating a lot of network activity. Solana-based decentralized exchanges saw an increase in activity. AMBCrypto reported.
SOL’s price was also on the rise. Technical analysis showed that the price of SOL was also trending higher. next bullish targetThis also coincided with a resistance level of rounded numbers.
Fibonacci Extension Levels Signal Another 30%+ Rally
The move above 32.13 on the 26th October 2023. It was a continuation of the bullish trend on a daily timeframe.
Fibonacci Levels (pale Yellow) were created by plotting the rally of $51.23 to $126.36 in the last months 2023.
In January, the 61.8% support level of $79.93 was tested again before the rally continued. The signal came in early march, when SOL breached its resistance level. former high at $126.36.
The 61.8% and 100% extension levels are now at $172.79 & $201.49 respectively. next Key bullish targets. The RSI was overbought but this does not imply a possible correction.
The OBV continues to show steady growth, indicating a continued increase in buying volume.
In the short-term, bullish sentiment has waned.
AMBCrypto’s analysis of Coinalyze metrics showed that Open Interest decreased from $2.3 billion down to $2.05 from the 8th through the 10th March.
Prices dropped from $151 to $144, before rising back to $148 as of the press time. This was a sign of a declining bullish mood over the past two days.
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In the past 24 hour, there was also a decline in spot CVD. The spot demand and the OI did not indicate a price decline.
Investors do not need to worry about a downward trend as long as SOL remains above $126.
Disclaimer: This information is not intended to be a comprehensive guide. financialThis is the sole opinion of the author and does not constitute investment, trading advice or any other type of advice.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: ambcrypto.com