Solana fell beneath the month-long range lows just after Christmas and recovered on 3 January. The disbelief in the rally was evident in the explosive bullish gains. The OBV also marched northward since the beginning of January.Marked in white, a fair value gap on the daily chart was seen in the $18.8=6-$22 zone. This meant that the price could fill this gap and dip some more to shake out long positions before resuming the upward move.
Imminent levels of interest are the FVG bottom at $18.66 and the H4 bearish breaker at $17.6. A strong bullish reaction from either level, combined with a rise in OBV would likely signal upward continuation.Development activity halted over the New Year but has picked up in the past few weeks. Another worrying aspect was that both during the past month as well as the past six months, the development activity had some correlation with the price trend to the naked eye.
The funding rate on Binance was extremely negative in early January, as market participants tried to short the recovery from the $8.8 mark. Short position liquidations fed the rally. On 14 January, $19.5 million worth of positions were liquidated. In the past week, the weighted sentiment metric also stayed in negative territory.Subscribe to get it daily in your inbox.
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