Owing to the recent price decline, Solana (SOL) has successfully retested its breakout level and it may be poised for an upside rally...
SOL’s on-chain metrics with technical analysis suggested that bulls have been dominating the assetto the breakout level of its inverted Head and Shoulder price action pattern. At the time of writing, SOL appeared to be retesting this level following a breakout on the charts.And yet, the prevailing market sentiment seemed to be uncertain. Especially in light of the market showing slight signs of recovery after a significant decline.
According to AMBCrypto’s price analysis, SOL, at press time, was at a crucial support level of $161. It was recording a price reversal on the four-hour timeframe.Based on the altcoin’s recent price action and historical momentum, if SOL closes a daily candle above the $167-level, there is a strong possibility that the asset could soar to $195 or even higher.
Meanwhile, its Relative Strength Index hinted at a potential upside rally in the coming days, with the same in oversold territory., SOL’s Long/Short ratio had a value of 1.02 at press time – The highest since the market began to decline. A ratio above 1 is a sign of bullish sentiment among traders.
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