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![If Solana [SOL] defends this zone, probability of a move higher would be high](https://cryptonoiz.com/wp-content/uploads/2022/06/PP-2-SOL-cover-1000x600.jpg)
Disclaimer: The findings of the next evaluation are the only opinions of the author and shouldn’t be thought-about funding recommendation.
Regardless of the robust bounce from the $18k lows, Bitcoin [BTC] has a bearish outlook on the longer timeframe charts. With the intention to provoke a restoration, BTC would want to climb previous the $23k mark and keep above.
But, despite the fact that Bitcoin languished close to the $20k mark, Solana [SOL] has been capable of submit respectable beneficial properties up to now couple of weeks. At press time, it appeared to retest a former provide zone as demand and offered a shopping for alternative.
SOL- 12-Hour Chart
Supply: SOL/USDT on TradingView
The Fibonacci retracement ranges had been drawn from the swing excessive at $59.31, and the swing low at $25.86. Previous this transfer, April and Might had been extraordinarily bearish for Solana. The asset was buying and selling at $140 in early April however later noticed a relentless tumble to take it to the $25 space.
The retracement ranges confirmed that the 38.2% and 50% retracement ranges have acted as resistance up to now week. Furthermore, at press time, the worth gave the impression to be retesting the $38.64 stage as help.
As well as, early in June, the $36.8-$38.8 had served as an space of demand. SOL noticed a swift bounce from this space as excessive as $44, earlier than slumping decrease but once more. Due to this fact, within the subsequent few days, this similar space might act as demand as soon as extra and SOL would possibly be capable of rally. To the north, the $47-$49 was a stiff resistance zone.
Rationale
Supply: SOL/USDT on TradingView
On the H12 chart, the RSI climbed again above the impartial 50 line a couple of days in the past and retested it as help. This hinted on the shift in momentum from bearish to bullish. Shortly thereafter, even the MACD managed to pressure its method above the zero line.
Collectively, the inference was that the momentum had shifted in favor of the consumers. However what of the OBV? On the OBV, there was a slight upward motion up to now ten days. Therefore, shopping for quantity has been weak however current.
It was capable of rise above earlier resistance on the white line, which was mildly encouraging. Nevertheless, robust demand was not but current, so lengthy positions want to stay additional vigilant.
Conclusion
The general image remained bullish for Solana. Was this a reversal of the downtrend from April? No, but, a transfer towards $50 could possibly be across the nook. If SOL can defend the $37 demand zone, one other transfer larger could be extra probably for Solana.
