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- Solana’s momentum is trying to turn bullish.
- A continued increase in capital inflows would help the dollar move towards $163 or beyond.
Solana [SOL] It was trading at the key $157 level mentioned in Previous reportA break above the $160 resistance could open the way towards $180 before a reversal occurs. However, the buying pressure has started to subside in the last hours.
Longer-term analysis showed Adam and Eve Emerging pattern, which once again promises bullish results. Should traders prepare for Solana breakout?
Did Solana form a smaller range?
Source: SOL/USDT on TradingView
The range formation (purple) extended from $122 to $187. Around the midpoint at $154, another range (red) between $138 and $163 appeared to form. The last few hours of trading saw SOL approaching and rejecting the $163 mark.
The MACD indicator showed that the momentum is starting to turn to the upside but has not reached that level yet. The CMF indicator rose to +0.13 on August 24 to indicate strong capital inflows but has reached +0.05 again.
This indicates a potential correction, but it may turn out to be just a retest of support at $154 before a fresh upward push.
Will liquidity help to drop below $140?
source: High block
AMBCrypto found that the $135 and $187 areas saw a significant amount of liquidation levels but were significantly off the current market price. This makes them a potential target, depending on whether the $162 or $145 breakout comes first.
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The $164 area was also an interesting area. Prices are likely to be attracted here in the near term.
Whether we will see a breakout beyond the short-term range depends on market sentiment, which at the time of writing appears to be changing to the upside.
Disclaimer: The information provided does not constitute financial, investment, trading or any other type of advice and is solely the opinion of the author.
