does not fall below $29.2k. From a higher timeframe point of view, Solana remains firmly bullish, and its strong bounce from just above the $22-level seems to indicate enthusiastic buyers.The green line at $23.5 outlined the bullish market structure break Solana saw on the price chart last week. The structure remained bullish and SOL formed a series of higher lows over the past five days. The recent price action saw an ascending triangle pattern develop.
Combined with the bullish structure, it highlighted that buyers were heavily favoured and another move north is imminent. The OBV seemed to be surging higher, underlining significant demand and reinforcing the idea of further gains for SOL. The RSI signalled that bullish momentum held sway. The trading volume declined during the time SOL was within the triangle pattern. While an upward breakout was the expectation, a bearish move cannot be discounted. However, the evidence at hand supported the bulls.Speculator sentiment is bullish, based on the Open Interest chart. Over the past two days, both the price and the OI climbed higher. This suggested that the bulls were entering the market expecting further gains.
Moreover, there is a bearish order block around the $26-region from 21 July. Ergo, it is possible that Solana bulls might not break out past this zone on their first try.