![The Solana [SOL] rally from $20 is not yet over as $23.5 is only a…](https://i.headtopics.com/images/2023/2/17/cryptoamb/the-solana-sol-rally-from-20-is-not-yet-over-as-23-the-solana-sol-rally-from-20-is-not-yet-over-as-23-1626333852175138818.webp)
The Solana [SOL] rally from $20 is not yet over as $23.5 is only a...
The token registered gains of 22.6% from the lows on 13 February at $19.73, to the highs on 16 February at $24.2. This rally also broke above the mid-range mark. Can the bulls press their advantage?Source: SOL/USDT on TradingView
The recovery from $8 to reach $26.6 took a month. In the three weeks that followed, Solana traded within a range from $20.5 to $26.6. The mid-range mark at $23.55 has served as support and resistance in recent weeks. At the time of writing, SOL traded just above this level of resistance. The next few hours can see it flipped to support.
Lower timeframes showed that bulls can look to buy SOL at $23.55 and $22.4, with stop-losses set just 1% beneath either level. More risk-averse traders can wait for a move back above $24 and a subsequent retest of $23.55-$23.7 to buy SOL, targeting the range highs.On the higher timeframes, the range remained worth watching. Above the highs sat a daily bearish breaker at $27.5. Another bearish order block was spotted at $35.
The past week showed sentiment might have shifted. The price rallied from the range lows. Alongside it, the OI also climbed to make higher highs. This reinforced capital flow into the market and a bullish outlook. Moreover, the funding rate also flipped positive to show long position holders paid funding fees to the short sellers. Taken together, there was a likelihood that $23.5 and $22.4 will be defended as support over the next few days.Subscribe to get it daily in your inbox.
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