• Solana’s (SOL) bearish market structure continued, with prices plunging below the $20 psychological level.
• Bears crack $20 psychological level, as rising Open Interest (OI) suggested continuation of the bearish trend.
• Bullish rally for Solana could be triggered by Bitcoin surging toward $30k again, or bulls might need to wait for price to get to the next major support level at $16.66.
Solana’s Bearish Market Structure
Solana’s [SOL] bearish market structure continued, with prices making a series of lower highs and plunging below the $20 psychological level due to sustained selling pressure. Bulls mounted a strong defense of the level for a 2-week period before finally caving to the bearish momentum. Meanwhile, on-chart indicators such as RSI, OBV and CMF highlighted lack of buying pressure and indecision by market speculators on capital inflows for SOL.
Bears Crack $20 Psychological Level
The bears finally managed to break through the major support level of $20 on 8 May due to sustained selling pressure. This introduced further lows, with SOL trading at $19.26 as of press time. A look at the four-hour timeframe showed that price briefly bounced off the minor support zone at $18.86 over the past two days.
Open Interest Hinted at More Selling Pressure
The Open Interest (OI) data on Coinalyze suggested that Solana could experience more selling pressure in the short term due to increasing OI levels suggesting more sellers entering into positions in SOL’s markets than buyers..
Bull Rally Could be Triggered By Bitcoin Surge
A bullish rally for Solana could be triggered by Bitcoin surging toward $30k again or else bulls might need to wait for price to get to the next major support level at $16.66 in order to mount a significant reversal in price action and sentiment around SOL’s markets..
How Much is 1/10/100 SOLs Worth Today?
As per current prices, 1 SOL is worth around 19 dollars while 10 SOLs are worth 190 dollars and 100 SOLs are worth 1900 dollars respectively today..