![Solana [SOL] retests former range lows: Are further gains unlikely?](https://i.headtopics.com/images/2023/1/3/cryptoamb/solana-sol-retests-former-range-lows-are-further-g-solana-sol-retests-former-range-lows-are-further-g-1610268491600330752.webp)
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion Short-term market structure and momentum were strongly bullish at press time. The spot CVD has declined, which meant that sellers have the upper hand. Solana [SOL] sellers have been dominant since mid-December. They forced […]
Source: SOL/USDT on TradingView
From 22 November to 27 December, Solana traded between $11.3 to $15. It also had a level of support at $9.93. In late December, intense selling pressure saw SOL drop to $8. However, this dive was followed by a large short squeeze. After the $9.93 level was flipped to support, SOL saw yet another upward spike, which carried the prices to the former range lows in recent hours of trading. The Relative Strength Index showed strong bullish momentum over the past few days. The move above the $10.78 – $11.12 region indicated that Solana could climb even higher.
The On-Balance Volume made gains in the past three days, but it faced resistance nearby, similar to how the price faced resistance at the $11.3 mark. A move upward for both the OBV and the price could see another push higher toward the mid-range mark at $13.15.
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