The daily chart showed that the Relative Strength Index sliding below the 50-mark, which signified a bearish sentiment at press time. Similarly, the OBV declined gently, indicating limited buying pressure, which could further tip the scale in favor of the bears.A retest of the $20 support level could offer new buying opportunities. Bulls could target the resistance level at $27, which would result in a potential 27% hike.
On the contrary, a break below the $20 support will invalidate the bullish thesis and offer bears additional shorting opportunities. Short-sellers could target the 200-day EMA of $18.06. An extended correction could be slowed at $15.Source: Coinglass SOL’s open interest rate declined from 20 February, according to Coinglass. It showed that more money moved out of SOL’s futures market – a bearish signal. However, the OI stabilized after February 26 and formed a divergence with price action at the time of writing. Thus, the OI could pivot to the upside and inflict a potential price reversal.to Coinalyze. On the contrary, only about $100k of short-positions were liquidated in the same period.
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