at an imbalance at the key $160 resistance level last week. There was some hope for long-term investors as the user activity metrics remained high in recent weeks.. This could be problematic because it can negatively impact user experience. Can the SOL bulls fight past these challenges? Or is the fear that blankets the crypto ecosystem right now too thick to cut through?The higher timeframe market structure of SOL was bullish after the March rally to $210.
An OBV drop below this level would indicate further losses were inbound. In that scenario, Solana prices could fall toward the $98.38 swing low or possibly even lower.The findings from the technical analysis went well with what AMBCrypto found from the liquidation heatmap. Hyblock data showed that the $132 and $125 regions were the next short-term support zones.
These liquidity pockets could be swept before a move higher. To the north, the psychological $150 level and the $160 level were the magnetic zones for bulls to take profits at.Hence, there is a swing trading buy opportunity present targeting $160. A drop below $122 would invalidate the idea. Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis.
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