Solana’s Recent Market Performance
Solana’s impressive rally encountered resistance near the $25 mark, where substantial sell limit orders were observed, including levels at $25, $28, and $30. Despite this hurdle, Solana (SOL) managed to achieve a remarkable 20% gain since its recovery began on September 28. However, the rally faced challenges at the daily bearish order block (OB) above $24, leading to a consolidation phase above $22. Meanwhile, Bitcoin (BTC) stabilized above the mid-range of $27.1k at the current moment.
Price Predictions and Market Analysis
In a previous Solana price prediction, AMBCrypto anticipated potential resistance at the $25 mark, with $22 identified as a probable level of buying interest. This projection proved accurate, but the price entered a range formation, indicating a period of market indecision.
Current Support and Resistance Levels
SOL successfully defended the previous H12 bearish OB ranging from $22.5 to $23.4 (cyan), establishing it as the current support zone. If this level holds, SOL may retest or overcome the roadblock and daily bearish OB near $25. Furthermore, the recent rally created a price imbalance and Fair Value Gap (FVG) around $21.84 to $22.44 (orange), suggesting that this stretch could serve as a bullish zone.
However, a significant drop, particularly if BTC falls below $27k, might lead SOL to the subsequent support levels at $20.5 or $18.60. The Relative Strength Index (RSI) indicated overbought conditions, signifying substantial buying pressure since late September. Nevertheless, the eased On-Balance Volume (OBV) suggested a slight dip in Spot market demand at present.
Sell Limit Orders and Market Outlook
Mobchart, a live order book tracking platform, revealed notable sell limit orders positioned at $25, $28, and $30. This suggests that these levels could act as profit-taking points, potentially causing an extended rally to stall near or at these levels. Nevertheless, the Open Interest rate was down approximately 5% at the current time, according to Coinglass data, indicating a decrease in Futures market demand that might delay a move to $25 or $28.
