reclaimed an area of support that extended from $9.7 to $9.9. Furthermore, technical indicators showed some short-term bullish momentum.A drop below $9.6 could trigger fear in the Solana market yet again, and induce another wave of selling in the coming days.On 28 December, Solana crashed to test the $9.93 level as support. It was able to bounce to $10.16, and even reached as high as $10.38 on the same day. The price action on that day indicated that sellers were in control of the $10 area.
Even though the Relative Strength Index climbed above neutral 50, the inference was not a bullish revival, but rather some short-term upward momentum. The On-Balance Volume has also risen over the past couple of days. Solana faces huge selling pressure in the $10-$10.15 area, as well as the $10.76-$11.11 area. Lower timeframe traders can look to buy if $10.16 was flipped to support, targeting $10.75.
On the other hand, a move back below the $9.6-$9.7 area would likely see SOL drop to $8 or further over the next week.The Open Interest began to rise after the price lost the $9.9 support level, which indicated strong bearish sentiment. The massive short squeeze that sent SOL back to $10.8 saw nearly $3 million worth of short positions liquidated in a single four-hour candle.After this event, the Open Interest climbed further higher while the price weakly crept up toward $10.15.
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