Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionA retest and bounce back from the $13.0 demand zone was likely, while arallied from 3 January, rising from below $10 to $13 at the time of writing. Afterwards, SOL has been trading within key short-term supply and demand zones.faced rejection at the $17K level.
The latest example is the short-term rally that faced rejection at $13.52, forming a short-term bearish order block. The blockage set SOL on the correction that could settle on the demand zone level around $13.0 if the $13.16 support failed to hold. If history repeats itself, a bounce back could be likely from the demand zone, targeting the bearish order block at $13.52 and the supply zone in the next few hours.
The Relative Strength Index retreated after facing a rejection around the 60-mark. Furthermore, the On-Balance-Volume rose recently but formed a downtick. This indicated a drop in buying pressure alongside a decline in trading volumes that could give sellers more influence. However, a break below the demand zone would invalidate the above forecast. Such an extreme downtrend could likely result from a bearish BTC and settle at $12.51.
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