have improved in recent days. The active wallet count has gone up by a substantial margin and development activity also noted an uptick. Yet, the lack of capital flowing into the market as per Open Interest could give bulls a pause.Source: SOL/USDT on TradingView
Solana has made impressive gains since the drop to $8 on 30 December. It shifted its lower timeframe structure from bearish to bullish when it jumped past the resistance at $11.85 on 3 January. The recent move past $14 saw SOL gain close to 32% within a day.Yet, these gains do not represent a long-term trend. Instead, it could be the violent reaction to months of bearish pressure.
The On-Balance Volume has been rising over the past ten days. This was indicative of genuine demand for the asset. Furthermore, the Relative Strength Index also showed strong bullish momentum. Therefore, it was likely that prices could go higher still. The imminent areas of interest for Solana lie are the $16.1-$16.5 region and the $17.7-$18.2 resistance region.
A 4-hour bearish order lay at $17.15, but the short-term trend favors the bulls. Hence traders can wait for a pullback into the $14-$15 area, and look for a bullish reaction before buying SOL in that zone.Source:
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