Solana had steady buying pressure and strong bullish momentum over the past two weeks- can the buyers force a move beyond $200?
The liquidation heatmap with a one-month look back period showed that $184-$196 region held a sizeable amount of liquidation levels.tested the $180 resistance zone but was unable to flip it to a support zone. The price action showed that though momentum and sentiment
Since June, Solana has traded within a range that reached from $122 to $187. On the 19th of October, the mid-range level at $154 was breached and SOL embarked on a move toward the range highs.On the daily timeframe, the market structure was bullish after the $161 swing high from September was breached. The A/D indicator has been steadily trending higher in the second half of October to indicate increased buying pressure.
The MACD was also reflecting bullish momentum on the daily chart. It did not yet signal overextended conditions, or that the token could see a pullback. Whales addedDespite this, the strong likelihood of rejection from $190-$200 comes from the range formation and the liquidity pockets. In general, it is better to trade a range as it is, instead of looking for a breakout during each retest of the extremes. The surge to $194 on the 29th of July, followed by a 43.3% decline over the next week, is an example that showed the importance of time in reclaiming the range highs as support.The liquidation heatmap with a one-month look-back period showed that the $184-$196 region held a sizeable amount of liquidation levels.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionAkashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis.
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