![Solana [SOL] clears the $23 hurdle- Is a retest of $26 likely?](https://i.headtopics.com/images/2023/4/14/cryptoamb/solana-sol-clears-the-23-hurdle-is-a-retest-of-26--solana-sol-clears-the-23-hurdle-is-a-retest-of-26--1646642669840482306.webp)
After a recent breakout, Solana [SOL] aims at the $26 supply zone. Although a restest of $26 will help SOL recover February losses, any sharp retracement could affect its long-term price action.
In its first leg of recovery, SOL appreciated from $16.68 but formed a bearish order block at $23.35. The bearish OB set SOL into a short pullback, followed by a slightly extended price consolidation between $19.98 – $21.26.
Following BTC’s breakout, SOL registered an upswing and second leg of recovery, clearing a range resistance of $21.99 – $22.58 and a bearish order block of $23.35. SOL could attempt to retest the supply zone of $26 – $27.12 if the bullish sentiment persists. But bulls must clear another obstacle at $25.05 to gain more leverage to hit the supply zone. However, SOL may see heightened selling pressure after hitting the above level.
Bears could sink SOL to $25.05 or the previous bearish order block of $23.35 after hitting $26. The supply zone of $26 – $27.12 has been persistent, blocking further uptrend in January, February, and March. These levels could act as short-selling targets in such a downswing scenario. At press time, the RSI rose sharply and slid into the overbought zone, highlighting increased buying pressure. But the overbought condition also makes SOL ripe for price reversal. The OBV surged, too, showing an increase in demand for SOL in the past few days.According to Coinglass, the long/short ratio showed longs had the marginal edge on the 12-hour timeframe – it shows an almost neutral structure and prospects for the SOL.CoinalyzeThe trend reinforces a bullish sentiment.
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