Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. Solana faced a sharp rejection at the range highs. A fall beneath $23.5 signified that another fall of 12% could follow. Solana [SOL] performed extremely well in January when it recovered from $8 to […]
also slid beneath the $23k level but found some buyers at the $22.4k mark. If BTC falls beneath $22.3k, it could drag many altcoins to lower prices.The Visible Range Volume Profile showed that the Point of Control lay at $24.3. The price was trading beneath this point, which meant that SOL bulls could face significant resistance at this point in the coming days.
The mid-point of Solana’s range from mid-January also lay at $23.53, close to the high-volume node. Therefore, the inference was that the entire zone from $23.5-$24.3 presented stern resistance to the buyers. A good risk-to-reward trade would be to buy SOL on a bullish reaction at the range lows at $20.47. A bullish engulfing pattern, or a bullish market structure break on the four-hour chart, could tip buyers of a shift in momentum.
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