Solana [SOL]: Is a retest of $25 area likely? Well, yes, only if…

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Dis­claimer: The infor­ma­tion pre­sent­ed does not con­sti­tute finan­cial, invest­ment, trad­ing, or oth­er types of advice and is sole­ly the writer’s opinion

  • SOL could aim at a crit­i­cal sell­ing pres­sure zone if BTC aims at $23.3K.
  • SOL’s devel­op­ment activ­i­ty improved, boost­ing investors’ confidence.

Solana [SOL] dropped below the $24.33 lev­el after Bit­coin [BTC] fell to $22.5K. SOL bulls found a steady hold at $23.81 and tried to launch a recovery. 

At press time, SOL’s val­ue was $23.92, while BTC strug­gled to hov­er above the $23K zone. How­ev­er, BTC could aim at $23.3K and pull SOL to this cru­cial sup­ply zone. 


Read Solana [SOL] Price Pre­dic­tion 2023–24


Can bulls attempt to reach the selling pressure zone at $25?

Source: SOL/USDT on TradingView

Bit­coin [BTC] dropped to $22.5K but rebound­ed to $23.0K at press time. A move toward the $23.3K lev­el could tip SOL bulls to tar­get the sell­ing pres­sure zone (red) of $25 in the next few hours. But bulls must clear the hur­dle at $24.33 to move upwards. 

Alter­na­tive­ly, bears could over­whelm the mar­ket and push SOL below the imme­di­ate sup­port lev­el of $23.81. Such a drop would inval­i­date the above bull­ish bias. 

Besides, the Rel­a­tive Strength Index (RSI) was below 50-equi­lib­ri­um as trad­ing vol­umes declined, which could fur­ther give bears more lever­age to deval­ue SOL in the short term. 


Is your port­fo­lio green? Check out the SOL Prof­it Calculator


But such a down­trend could set­tle at $23.21 and offer bulls anoth­er chance to inflict a recov­ery. There­fore, investors should track BTC price action to gauge whether bears or bulls will reign in the next few hours. 

SOL’s development activity increased, boosting investors’ confidence

Source: San­ti­ment

As per San­ti­ment data, SOL’s devel­op­ment activ­i­ty reg­is­tered a fur­ther increase at press time. The rise fol­lowed a sharp drop the pre­vi­ous day, which coin­cid­ed with a price decline. There­fore, the ris­ing devel­op­ment activ­i­ty could boost SOL’s val­ue in the short term. 

In addi­tion, the over­all rise in of devel­op­ment activ­i­ty on the net­work saw investors’ con­fi­dence improve, as evi­denced by a retreat­ing weight­ed sen­ti­ment from the neg­a­tive ter­ri­to­ry. The improved investor sen­ti­ment could fur­ther bol­ster SOL’s value. 

How­ev­er, the trad­ing vol­umes had dropped sig­nif­i­cant­ly and showed no sign of recov­ery at press time. As such, it could under­mine trend rever­sal and strong uptrend momen­tum, delay­ing bulls from bypass­ing the $24.33 hur­dle. But a bull­ish BTC could improve the trad­ing vol­umes, thus worth track­ing the king coin’s performance. 

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