- Solana ran the $ 152 level to support a small victory for the bulls
- Investors can worry about the lack of purchase volume in recent weeks
Solana [SOL] Last week saw a large influx of tokens to the centralized exchange drop. In fact, 2.8 million in Sol Inflows saw the price fall by 7% from $ 155 to $ 143. The financing percentageThat had been negative, became positive on June 8.
And yet the bearish Momentum of the past three weeks was very clear. Despite this profit in the short term, investors are not yet allowed to expect an explosive rally for Solana. In the meantime, traders can use the momentum shift to look for profitable positions.
Source: SOL/USDT on TradingView
On the 1-day graph, the structure of Solana was Bearish since mid-May. It has re -tested the support of $ 143 – a level that it turned around to support in April. Since this retest has collected 8.5% in three days and described the strength of the demand zone.
The MFI showed the momentum was bearish and the sales pressure had the upper hand on the press. The 20-day advancing average of the volume bars is also slowly lower in the last two weeks, during the retracement up to $ 143.
The volume must pick up to give a strong sign that a move to $ 178 or higher was likely. However, the OBV has not done that yet and instead it has been south for a month.
Source: SOL/USDT on TradingView
Zooming in the 4-hour graph, the downward trend of the OBV was clear. The falling trendline (orange) seemed to be about to be violated, but had not done this yet. A movement beyond the local high from earlier in June on the OBV would be an early sign of the Dominance of the buyer.
At the time of writing, the MFI was higher in the last three days, besides the price. This suggested in the short term pressure and Bullish Momentum. And yet the SOL H4 market structure was Bearish.
During the downward trend from $ 178 to $ 143, a lower high was made earlier in June $ 162. A Solana price that goes beyond this level would encourage swing traders to go for a long time, using the market structure shift to strengthen their bias.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer