Solana [SOL] bulls fight to hold $24 support but here's why a drop could be imminent
Source: SOL/USDT on TradingView
The Awesome Oscillator was above the zero line which showed momentum was bullish. However, the red bars on the histogram indicated that the bullish momentum was weakening. At the time of writing, SOL buyers skirmished to hold on to the $24-$24.5 support zone. If they succeed, a push toward $26 could be on the table. But the weekend could see low volume and heightened volatility. The A/D indicator formed a series of lower highs over the past few days, showing rising selling pressure.
The market structure remained bullish, but a drop below $23.74 would show bears have the upper hand. The falling A/D pointed toward this likelihood. Beneath the $24 level, the $22.4-$23 area is likely to be a strong zone of support.If Bitcoin fell below the $30k area, short sellers can pile into the market. A shift in sentiment toward the bears would become more likely and could drag Solana downward as well.
The CVD began to slip lower on 15 April, and this was accompanied by a drop in the Open Interest as well. The falling prices and OI showed that short-term sentiment was bearish as long positions were discouraged. Hence, short-term SOL bulls can wait for sentiment to shift in their favor before entering.
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