Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.The altcoin saw a downtrend in its funding rates.
The crypto saw an expected reversal from the $37-ceiling after a bearish hammer-like setup. In the meantime, the buyers could strive to step in near the 200 EMA to prevent further losses.SOL approached its high liquidity regionSOL’s recent u-turn from the $37-ceiling induced a substantial pullback as the bears reentered the market. The strong rejection of higher prices from this barrier led to a streak of red candles in the last two days.
A potential rebound from the $32-mark baseline or the trendline support can offer near-term buying opportunities. In this case, the sellers could aim to constrict the buying resurgence in the $34-$36 range. At the time of writing, the Relative Strength Index eyed to retest its oversold mark. The altcoin’s historical inclinations to rebound from this level could keep the bullish revival hopes alive in the coming sessions.