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- Solana showed different biases on the 1-day and 4-hour price charts, but bulls had the advantage on the lower time frames.
- This could see SOL rise to $19-$20, but the evidence hasn’t yet supported further gains.
Solana [SOL] was in a short-term uptrend after the bulls forced a breakout past the $16 resistance. Still, the higher timeframes were not strongly bullish. This suggested that SOL bulls could hang near the $20 resistance.
How much are 1,10,100 SOLs worth today?
Particularly those of Tether [USDT] Dominance has fallen off a cliff for the past ten days. This went hand in hand with a rally in the crypto market. Bitcoin [BTC]in particular, experienced the lion’s share of the gains, as evidenced by the rising Bitcoin Dominance trend.
The H4 candle wick to $16.1 showed that buyers still had the upper hand
Source: SOL/USDT on TradingView
On the 4-hour chart, Solana has recorded a series of higher lows since June 15. It also broke past a recent lower high on June 21 to break the bearish market structure. The subsequent higher high and higher low initiated an upward trend on the H4 chart.
Still, the daily chart remained firmly bearish. The $18.66 and $22.3 are important levels for the bulls to breach the 1-day chart. Meanwhile, the H4 chart showed strong resistance in the $18.66-$19.3 zone. A bearish order block was seen in this area, highlighted in red.
Therefore, a move towards this resistance was likely, based on both structure and momentum over the past week. The OBV has also passed a local resistance. Buying pressure could drive up prices.
Whether Solana bulls see a reversal near the $20 sector remains to be seen.
Sentiment is shifting to bullish as SOL bulls try to sustain the rally
Source: Coin analysis
On June 22, when Solana’s price fell from $17.4 to $16.8, Open Interest dropped nearly $19 million. This showed discouraged bulls and bearish sentiment.
Is your wallet green? Check out the Solana Profit Calculator
OI and prices have since shown a recovery and short-term sentiment once again appeared bullish. Still, the upward movement may not happen over the weekend, but it could take until Monday’s trading session to resume.
The funding rate had been negative during the dip, but climbed back into positive territory.