Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
- SOL gained +30% in three days between October 19 and 21.
- SOL’s price action was hovering around $30 on a psychological level at the time of writing.
Solana [SOL] in just three days, from October 19 to 21, pumped +30%, retesting the psychological level of $30. But the price action showed a slight weakening after reaching $30.
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AMBCrypto noted that SOL could rise to $32, but at a slower pace than the previous aggressive pump in July. The stuttering price action of $30 at the time of writing confirmed the above idea. But does that still make $32 a bullish target?
Will SOL extend bullish momentum?
Source: SOL/USDT on TradingView
On the 12-hour chart, there were two crucial levels that the pullback could extend to. The first was a coincidence of a liquidity-price imbalance of $27.3 – $28.6 (cyan) and a bearish order block in the second half of 2012 of $26.14 – $27.38 (white).
The second level was at a break mark of $24.0 and $25.3 (red), right below the first interest rate level. However, the first-level confluence could soften the pullback, especially if BTC does not recover much in the medium term.
If SOL extends the recovery, the bullish targets will be $30, $32, $33.8 and $37.4.
Conversely, the altcoin could fall in value to $24 if sellers overwhelm the bulls in the coming days.
Despite the declines in the key indicators at the time of writing, the RSI, OBV and CMF were still positive. It indicated that SOL’s buying pressure, spot market demand and capital inflows remained substantial.
Liquidation levels showed a bearish bias
Source: Hyblok
The Cumulative Liq Levels Delta (CLLD) was positive, indicating a bearish bias. It captured the price and hesitated at $30. The metric tracks long versus short liquidations over time. The green/positive reading showed more long positions being liquidated – a bearish bias.
How many Worth 1,10,100 SOL today?
The recent higher liquidation levels, as evidenced by larger and medium bubbles, were $28.7, $27.5 and $27.0. Liquidity at $28.7 was hit at the time of writing, and $27.5 could be next before a potential reversal could surface.
Interestingly, $27.5 fell within the confluence of chart liquidity and a voided roadblock, which could attract players as support.