![Solana [SOL] blocked by a short-term supply zone – Can bulls bypass it?](https://i.headtopics.com/images/2023/1/29/cryptoamb/solana-sol-blocked-by-a-short-term-supply-zone-can-solana-sol-blocked-by-a-short-term-supply-zone-can-1619705173802098688.webp)
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion SOL was in a neutral structure on the three-hour chart. The Funding Rate remained positive despite a slowed development activity. Solana [SOL] swiftly went from $20 to $25 on Friday, 20 January. Afterward, a […]
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionThe Funding Rate remained positive despite a slowed development activity.
But a hawkish FOMC release would clear the recent gains and send the markets into a temporary correction phase, affecting SOL too.On the three-hour chart, the Relative Strength Index was 49 and rested near the mid-level of 50 – thus showing a neutral structure. If the trend is sustained, the RSI could crossover the mid-level and push SOL to overcome the $24.33 hurdle and move near the supply zone’s lower boundary of $24.60.However, bypassing the supply zone of $24.60 – $25.42 can only occur if BTC exceeds the $23.5K level. SOL could retest the overhead resistance at $26.61 if it clears the supply zone blockage.
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