Turn your Investment into Profit: Buy Solana Now!
• Solana [SOL] has seen strong gains since the fall to $15 in mid-June.
• There is a demand zone just below $22 from the weekly timeframe that could be a place where a bullish reversal could occur.
• The OBV and RSI both show that buying volume is still dominant and there is bullish momentum.
Solana’s Price Outlook
Solana [SOL] has registered strong gains since the fall to $15 in mid-June. Prices climbed as high as $32 on 10 July, although the bulls were unable to hold on to the $30 level thereafter. The presence of a demand zone just below $22 from the weekly timeframe meant it was a place where a bullish reversal could occur.
On the 3-day chart, the price action has a bullish structure. A set of Fibonacci retracement levels (yellow) were plotted based on the move from $12.8 to $32.13, showing 50% and 61.8% retracement levels at $22.47 and $20.18 respectively. Moreover, on the weekly timeframe, there is also a bullish breaker block extending from $20/26 to$22/3 which confirms with these Fib levels too. Meanwhile, an OBV showed an uptick in late June and July but has pulled back somewhat in recent weeks; however buying volume remains dominant overall according to RSI readings of 56..
Implications for Long-term Investors
Long-term investors can look at this level with optimism due Solana’s strongly bullish outlook on higher timeframe charts; this means buyers can look for opportunities to enter upon sol entering this demand zone or lower timeframe market structure break within this zone for optimal entry points . However if prices drop below 18/32 then this would invalidate any further upside potentials .
Short Term Outlook
Bitcoin [BTC] and SOL both have a bearish short-term outlook which may result in more losses followed by rally for Solana soon; if so then prices can drop towards its demand zone near 22 dollars soon .
Overall Solana appears very attractive to long term investors looking for good entry points as well as those traders interested in speculation with short term outlooks . The presence of oscillators like OBV & RSI add confirmation bias while Fibonacci levels provide reliable support zones ; all these factors combined present quite an interesting opportunity for investors .