- Ah, Solana! It has graciously transformed the $152-level into a bastion of support – A minor triumph for the bulls, or perhaps just a fleeting whim of fate?
- Investors, with furrowed brows, might be pondering the disheartening absence of buying volume in recent weeks. Is it a drought or merely a moment of reflection?
Last week, Solana [SOL] experienced a rather dramatic influx of tokens to the centralized exchange Binance. A staggering 2.8 million SOL tokens flowed in, causing the price to plummet by 7% from $155 to $143. The funding rate, once a gloomy specter, decided to don a brighter hue on June 8th.
Yet, the bearish momentum of the past three weeks loomed large, casting a shadow over any fleeting optimism. Despite these ephemeral gains, one should not hold their breath for an explosive rally just yet. Traders, however, may find solace in the shifting tides, seeking profitable positions amidst the chaos.
Upon gazing at the 1-day chart, one cannot help but notice the bearish structure that has graced Solana since mid-May. It has once again retested the $143 support – a level it so gallantly transformed into support back in April. Since this retest, SOL has rallied a modest 8.5% in three days, a testament to the strength of the demand zone, or perhaps just a fleeting moment of joy.
The MFI, that fickle friend, indicated a bearish momentum, with selling pressure reigning supreme at the time of writing. The volume bars’ 20-day moving average has been on a slow descent over the past fortnight, during the retracement to $143. A veritable waltz of numbers!
For a true sign of life, the volume must rise like a phoenix from the ashes, hinting at a potential move to $178 or beyond. Alas, the OBV has yet to join the party, instead opting for a leisurely stroll southward for the past month.
As we zoom in on the 4-hour chart, the OBV’s downtrend becomes painfully clear. The descending trendline (orange) seems to be on the brink of a breakthrough, yet it remains stubbornly intact. A move past the local high from earlier in June on the OBV would be a delightful harbinger of buyer dominance.
At the moment of penning these thoughts, the MFI has been trending higher over the past three days, mirroring the price bounce. This suggests a flicker of buying pressure and bullish momentum in the short term. Yet, the SOL H4 market structure remains a gloomy affair.
During the downtrend from $178 to $143, a lower high was established at $162 earlier in June. A move beyond this level would surely entice swing traders to embark on a long journey, using the market structure shift to bolster their convictions. Ah, the drama of trading!
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2025-06-10 11:06