The Solana technical indicators showed a strong bullish trend in progress, but were the findings from the CVD a precursor to a deeper pullback?
Could this minor pump be just a sell-off after the news? Or was it the beginning of a larger rally?The bullish order block from 12 May on the 4-hour chart was flipped to a bearish breaker and retested as resistance on 24 May. A week ago, the momentum was bearish and SOL was forced to retreat to the $19.2 support.
From there, the bulls were able to mount a comeback. Since Monday Solana was able to register rapid gains and swiftly break past the bearish breaker block. It did so by leaving an imbalance on the charts, which signaled the strength of the bullish move. At the time of writing, the H4 market structure was strongly bullish, despite the rejection at $21.3. The rejection came after a bearish divergence between the price and the RSI.The RSI remained above neutral 50, suggesting momentum of Solana has not yet flipped bearish. The DMI also showed a strong uptrend in progress with both the +DI and ADX above the 20 value.From 29 May, the spot Cumulative Volume Delta on the 1-hour chart was in decline.
The price action indicated that buying SOL at the $20.5 area could represent a good risk-to-reward trade targeting the next highs at $22.4.
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