Solana bulls have performed well and smashed the $150 and $166 resistance levels, and sought to do the same at $177 and $185 soon.
The liquidation levels showed that the $164.6 region was a place where a reversal might have happened. Instead, prices rushed higher.was trading at the $170 resistance zone that had rebuffed bulls back in late May and early June. A recent report highlighted that a Solana surge to $176 was to beThis has come to pass. A daily session close above $175.6 would flip the market structure bullishly.
The Fibonacci levels showed that, despite the downtrend, the 78.6% level had been defended. Therefore, the higher timeframe bias such as weekly remained bullish. The daily chart was bullish already after the $154 recent high was breached. The daily RSI indicated bulls were dominant and upward momentum is likely to continue. The OBV was in an uptrend but needs to clear the resistance from late March to signal a breakout past the $170 and $190 levels.Since the 10th of July, both the price and the Open Interest have climbed quickly. Bullish conviction was strong over the past week and the OI was at $2.4 billion, comparable to the levels from April and early June.Analysis of the liquidation levels showed that the $164.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Akashnath 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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