SOL bulls are trying to capture $10.15 but bearish momentum might take over. Here’s why

Warning: The information provided does not constitute financial, investment, trading or other types of advice and is solely the opinion of the author

  • Solana’s drop below $9.6 could cause a panic in the market
  • Solana’s open interest also showed bearish signs

bitcoin [BTC] It fell below the $16.6000 support again but did not indicate a trend development. Solana [SOL] It recovered a support area that extended from USD 9.7 to USD 9.9. In addition, technical indicators showed some bullish momentum in the short term.


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A drop below $9.6 may trigger fear in the Solana market again, and lead to another wave of selling in the coming days.

$10.16 and $9.68 are the short-term levels to watch out for

Source: SOL/USDT on TradingView

On December 28, Solana broke down to test the $9.93 level as support. It was able to rebound to $10.16 and even reached $10.38 on the same day. The price action that day showed that the sellers were in control of the $10 area. Solana fell to $8 on December 30th.

Immediately after that retraction, Solana buyers went ballistic after one Tweet Vitalik A large number of short positions have been liquidated. In recent days, the price failed to cross the $10.16 mark.

Although the Relative Strength Index (RSI) rose above the neutral 50 level, the result was not a bullish recovery, but rather some short-term bullish momentum.

On Balance Trading Volume (OBV) has also increased in recent days. Solana is facing massive selling pressure in the $10-15 range, as well as the $10.76-$11.11 range. Lower time frame traders can look to buy if $10.16 turns into support, with a target of $10.75.

On the other hand, a dip below the $9.6-$9.7 range is likely to send SOL down to $8 or lower in the next week.

An increase in open interest indicates that money has been flowing into the market

Solana is trying to break above $10, but resistance has prevailed so far

Source: Coinalyze

Open interest started to rise after the price breached the $9.9 support level, which indicates a strong downtrend. The massive short squeeze that brought SOL back to $10.8 cleared out short positions for nearly $3 million in a single four-hour candle.


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After this event, open interest rates increased further while the price crept weakly towards $10.15. It was not clear whether short positions entered the market or if the bulls had some influence.

The buy/sell ratio showed that the sellers had a slight advantage. A drop below $9.6 could discourage the bulls again, forcing them to close long positions and increase selling pressure.

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