News of FTX unstaking an additional 1.6 million SOL meant bullish sentiment could take a hit and lead to a large price correction
Solana’s one-day chart shows that bullish intent remains overwhelming. The RSI continues to move in the overbought territory above 70 and the On-Balance Volume has been climbing higher.Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.was in the midst of a bullish run of a magnitude not witnessed since April 2022. However, the run back then was followed by a continuation of the previous downtrend.
The higher timeframe charts showed that the move above $27-$30 was a definitive signal that further gains could follow. They did, and SOL reached $46.9 on 1 November. A revisit to the former range highs at $27 would be an ideal long-term buying opportunity. The Fibonacci extension levels showed $44.08 and $51.46 were levels where bulls could book profits and wait for a retracement.The Weighted Sentiment shot higher in recent days as prices surged northward. The Social Dominance also rose enormously to stand at 6.32%. These metrics underlined the idea that the bullish narrative for SOL had strength in the eyes of the majority.The spot CVD on the Coinalyze data has been on a steady uptrend since 19 October, when the SOL price was at $23.
The weekly chart revealed that the $38-$50 region, which had served as resistance in August 2022, could pose problems for the buyers once more. If $50 was flipped to support, it was likely that SOL could rally to $80 and $105 next.Akashnath is a Chemical Engineering graduate deeply fascinated by Technical Analysis and the crypto markets and enjoys studying price movements and trying to find patterns.
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