Solana bulls were unable to hold on to the $155 area after breaking past $160 last week due to the bearish trend of the past four days.
was below the $150 mark again and the bearish hurdles were getting bigger. The breakout past $160 was expected to yield a move to thebulls were rejected at the $62.5k resistance zone. The king of crypto’s pullback saw Solana follow in its footsteps, and this journey likely has another leg southward.Solana traded within a 3-month-old range that extended from $122 to $186.
These levels were still pertinent, with the 78.6% level coinciding with the range lows. The buyers’ failure to defend the mid-range support over the weekend meant the short-term bias was bearish again. The OBV bounced from the June lows, showing some bullish strength. However, the MACD formed a bearish crossover and fell below the zero line. The momentum was firmly bearish and the demand was not high enough to repel them.AMBCrypto observed that there was a sizeable pocket of liquidity at $140. This is likely to attract prices lower. However, it was also a place where a bullish short-term reversal occurred on the 7th of August.Traders will have to be wary of a similar scenario playing out.
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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