Technicals show bearish pressure has not eased upIn bounce from $12.37 on 10 November was used as a swing low to plot a set of Fibonacci retracement levels. The bulls were able to push as far north as $18.87. The Fibonacci levels showed that the 61.8% and 78.6% retracement levels were hotly contested in the past couple of days.
The Relative Strength Index was well below neutral 50 and has been so in recent days. Meanwhile, the On-Balance Volume leaned downward. The inference was that momentum was in favor of the sellers. On the one-hour chart itself, the $13.5-$14 area has a bullish order block. Hence, a positive reaction from this area could occur, especially as it has confluence from the 78.6% Fibonacci retracement level.In the past week, the open interest metric posted steady gains, until it peaked on 10 November. The OI reached a figure of $535 million as Solana dropped to a low near $12. The price subsequently bounced from $12.4 to $18.8 on that very day, but the Open Interest figure began to tail off.
This suggested that market participants were wary of Solana’s volatility and have stepped away in the past few days. The lowered OI alongside a depression in the prices meant that long traders could be getting liquidated, and noted a lack of short positions being built up. The lack of strong short positions, by itself, does not suggest a possible bounce in prices.
The past 24 hours saw $2.4 million worth of positions liquidated in total on Solana contracts. But this figure will grow higher over the next few days.Read the best crypto stories of the day in less than 5 minutes
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