Is Solana [SOL] headed toward $33? Technical tools indicate…

The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.A surge above $25.3 would underline the likelihood of a move to $28.7 and higherregistered large losses on the price charts. The drawdown in those two months measured 77% from $39 in early November to $8.62 in late December. In the past three weeks, Solana mounted a surprising comeback.

Solana faced a lower timeframe rejection at the $24.6 mark and fell to the support level at $21.1 before flipping the market structure bullish once more. At the time of writing, the $24.34 level of support was a good risk-to-reward place to bid SOL at. The 61.8% and 78.6% HTF resistance levels at $28.7 and $33.14 can be used to take a profit.

More risk-averse traders can wait for Bitcoin to retrace toward the $20.6k area and bounce higher before looking for bullish setups on altcoins. The technical indicators of Solana showed bullish strength. The RSI has climbed back above neutral 50 and stood at 63 to indicate upward momentum. The OBV has stalled over the past two days, but its uptick throughout January showed significant demand behind the rally.Weighted by Open Interest, the predicted funding rate continued to move in positive territory. This meant long positions paid the short positions, which indicated the futures market had a bullish outlook on the asset.

The Open Interest itself took a sharp hit on January 18 when SOL fell to the $21.1 support. It remained flat for a couple of days and rocketed higher on January 20. The falling OI and the flat prices since then suggested SOL could drop on Monday [23 January] to shake out long positions before driving higher.Subscribe to get it daily in your inbox.

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