![Solana [SOL]: Is a retest of $25 area likely? Well, yes, only if…](https://i.headtopics.com/images/2023/1/27/cryptoamb/solana-sol-is-a-retest-of-25-area-likely-well-yes--solana-sol-is-a-retest-of-25-area-likely-well-yes--1618980397395632128.webp)
Solana [SOL]: Is a retest of $25 area likely? Well, yes, only if...
Bitcoin [BTC] dropped to $22.5K but rebounded to $23.0K at press time. A move toward the $23.3K level could tip SOL bulls to target the selling pressure zone of $25 in the next few hours. But bulls must clear the hurdle at $24.33 to move upwards.
Alternatively, bears could overwhelm the market and push SOL below the immediate support level of $23.81. Such a drop would invalidate the above bullish bias. Besides, the Relative Strength Index was below 50-equilibrium as trading volumes declined, which could further give bears more leverage to devalue SOL in the short term.But such a downtrend could settle at $23.21 and offer bulls another chance to inflict a recovery. Therefore, investors should track BTC price action to gauge whether bears or bulls will reign in the next few hours.As per Santiment data, SOL’s development activity registered a further increase at press time.
In addition, the overall rise in of development activity on the network saw investors’ confidence improve, as evidenced by a retreating weighted sentiment from the negative territory. The improved investor sentiment could further bolster SOL’s value. However, the trading volumes had dropped significantly and showed no sign of recovery at press time. As such, it could undermine trend reversal and strong uptrend momentum, delaying bulls from bypassing the $24.33 hurdle. But a bullish BTC could improve the trading volumes, thus worth tracking the king coin’s performance.Subscribe to get it daily in your inbox.
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