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Home»Altcoins»Solana drops to $13.5, can traders expect a short-term bounce from this level
Altcoins

Solana drops to $13.5, can traders expect a short-term bounce from this level

2022-11-13No Comments3 Mins Read
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Disclaimer: The findings of the next evaluation are the only opinions of the author and shouldn’t be thought of funding recommendation

  • Bullish order block on decrease timeframe noticed
  • Futures markets didn’t see one other build-up briefly positions

FTX filed for bankruptcy. Merely per week in the past it was considered a large within the trade, probably too large to fail. These risky circumstances is perhaps conducive to merchants, however warning would stay extraordinarily essential. Solana has confronted heavy promoting strain previously week, and extra is perhaps headed its means.


Learn Solana’s [SOL] value prediction for 2022-2023


FUD was sturdy out there, and the latest Crypto.com screw-up noticed many Twitterati query how 320k ETH is unintentionally despatched to a different trade handle.

Technicals present bearish strain has not eased up

Solana sees extreme selling pressure as price continues to spiral lower

Supply: SOL/USDT on TradingView

In bounce from $12.37 on 10 November was used as a swing low to plot a set of Fibonacci retracement ranges. The bulls have been capable of push as far north as $18.87. The Fibonacci ranges confirmed that the 61.8% and 78.6% retracement ranges have been hotly contested previously couple of days.

The Relative Energy Index (RSI) was nicely under impartial 50 and has been so in latest days. In the meantime, the On-Stability Quantity (OBV) leaned downward. The inference was that momentum was in favor of the sellers.

On the one-hour chart itself, the $13.5-$14 space has a bullish order block. Therefore, a constructive response from this space might happen, particularly because it has confluence from the 78.6% Fibonacci retracement degree.

Open Curiosity deflates after brief positions profited closely on the drop to $12

Solana sees extreme selling pressure as price continues to spiral lower

Supply: Coinglass

Prior to now week, the open curiosity metric posted regular good points, till it peaked on 10 November. The OI reached a determine of $535 million as Solana dropped to a low close to $12. The worth subsequently bounced from $12.4 to $18.8 on that very day, however the Open Curiosity determine started to tail off.

See also  Luna Foundation Guard releases audit report, but will LUNC/USTC rise?

This instructed that market members have been cautious of Solana’s volatility and have stepped away previously few days. The lowered OI alongside a despair within the costs meant that lengthy merchants may very well be getting liquidated, and famous an absence of brief positions being constructed up. The dearth of sturdy brief positions, by itself, doesn’t recommend a doable bounce in costs.

Solana sees extreme selling pressure as price continues to spiral lower

Supply: Coinglass

One other information level from Coinglass confirmed that lengthy liquidations have been extraordinarily excessive on 8 November, the day when Solana broke beneath the $26 vary lows. $549 million of longs capitulated, which meant they added to the promoting strain within the futures market.

The previous 24 hours noticed $2.4 million value of positions liquidated in complete on Solana contracts. However this determine will develop larger over the following few days.

To the south, Solana has vital long-term help ranges at $11.85 and $9.93 from 2021.



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Bounce Drops Expect level shortterm Solana traders
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