Solana's quick recovery from a price dip on 30 June signaled buyers' intent to flip its structure from bearish to bullish.
in recent weeks, Solana recorded increased activity on its blockchain which could lead to more growth and translate to a price increase for the altcoin.June saw Solana reverse some of its recent losses. After dropping to the $12.81 support level, price rallied to flip the $16.66 resistance back to support. However, the selling pressure at the $20 resistance level saw price rejected on 30 June, as bulls moved to claim another resistance level.
Looking at the on-chart indicators over the 12-hour timeframe, the Relative Strength Indicator highlighted the rising demand for SOL, posting a reading of 65. The Chaikin Money Flow continued to rise and stood at +0.28, as of press time. This showed significant capital inflows for Solana. If buyers successfully break the $20 level, bulls will look to flip SOL’s structure to bullish. A break of the lower high around the $22 price zone could lead to a significant push on for the $23.45 resistance. Alternatively, sellers could leverage the bearish structure to push prices down again toward the $16.66 support.
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