- Solana could soon break out the resistance of $ 180
- Spot volume also seemed to lean for the buyers of Solana
At the time of writing, Solana [SOL] Formed a cup and handle pattern and threatened an outbreak beyond the lever pattern in the coming weeks. An outbreak of this pattern would probably be explosive and lead to Sol set new highlights of all time in the charts.
In the meantime, the bulls continued to stumble at the level of $ 180 resistance. In the price action of the last few days, the coin was rejection at $ 180. Just like the rest of the Altcoin market, the Bullish Momentum of Token has also been weakened in the past two weeks.
Source: SOL/USDT on TradingView
In a recent report it was emphasized that Sol saw capital flows. This was confirmed by the price diagram. The CMF indicator saw positive capital inflow. And the OBV noted that despite the rejection against resistance, the sales pressure was not overwhelming.
The advancing averages also underlined Bullish Momentum. Ambcrypto even discovered that buyers could soon have the power to drive the price beyond the level of $ 180.
Solana Bulls try to grab control of the market?
The average order size of the spot can be calculated by dividing the total trade volume by the number of transactions performed. A jump in whale activity, when a high volume and low trading proposals occur, indicates a walk at Walvispartics.
If this happens on almost significant demand zones in the long term, this can indicate accumulation. On the other hand, whale activity during a rally or when the price reaches considerable milestones can refer to the sale of large holders.
In recent weeks, whale activity has not been higher, despite the penetrating efforts of the Bulls to violate $ 180. That is why whales can probably anticipate further price profits.
Finally, the Spot Taker CVD has been neutral most of May. On May 25, the metric flashed the signal that Taker Hoop Volume was dominant. However, this was only a start, and a persistent trend from Taker CVD that is dominant to buy would be necessary to indicate that a strong rally will follow.
The last time the Metriek copper became dominant was mid-November, when Solana climbed above the same $ 180 level. This followed a reach of nine months under this critical resistance.