{"id":321489,"date":"2023-06-19T08:00:25","date_gmt":"2023-06-19T02:30:25","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=321489"},"modified":"2023-06-19T04:25:28","modified_gmt":"2023-06-18T22:55:28","slug":"solana-presents-traders-with-a-risky-opportunity-details-here","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/solana-presents-traders-with-a-risky-opportunity-details-here\/","title":{"rendered":"Solana: Details of the upcoming risky opportunity"},"content":{"rendered":"<p><i>Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion.<\/i><\/p>\n<ul>\n<li><em>There was a possibility that SOL could retrace the past week&#8217;s losses before heading lower again.<\/em><\/li>\n<li><em>The slow grind higher for prices in the past week suggested sentiment could begin to shift bullish.<\/em><\/li>\n<\/ul>\n<p>The crypto market was at an uncertain place. The sentiment has been strongly bearish over the past two weeks but many altcoins showed that a break in the current bearish structure was possible. Solana [SOL] was among them, but such a structural break need not be followed by an uptrend.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read <a href=\"http:\/\/ambcrypto.com\/predictions\/solana-price-prediction\" target=\"_blank\" rel=\"noopener\">Solana&#8217;s [SOL] Price Prediction<\/a> 2023-24<\/p>\n<hr \/>\n<p>A move back to the late May highs before another rejection was also possible- so traders have a decision to make. Do they try to ride the lower timeframe momentum upward, in the event of a bullish shift? Or do they wait for higher probability shorting opportunities?<\/p>\n<h4>The confluence of Fibonacci and imbalance near $17 could halt the progress of SOL bulls<\/h4>\n<figure id=\"attachment_321494\" aria-describedby=\"caption-attachment-321494\" style=\"width: 1940px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/PP-3-SOL-price.png\"><img decoding=\"async\" class=\"size-full wp-image-321494\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/PP-3-SOL-price.png\" alt=\"Solana shows signs of a shift toward bullish momentum but demand was weak\" width=\"1940\" height=\"1099\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/PP-3-SOL-price.png 1940w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/PP-3-SOL-price-300x170.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/PP-3-SOL-price-1024x580.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/PP-3-SOL-price-768x435.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/PP-3-SOL-price-1536x870.png 1536w\" sizes=\"(max-width: 1940px) 100vw, 1940px\" \/><\/a><figcaption id=\"caption-attachment-321494\" class=\"wp-caption-text\">Source: SOL\/USDT on TradingView<\/figcaption><\/figure>\n<p>On the daily timeframe, the Solana market has been bearish since 8 May. The early June upward moves to $22.3 did not change the higher timeframe outlook. It turned out to be a swift bearish reversal on the H4 chart after what looked to be an uptrend from $20.3.<\/p>\n<p>At the time of writing, the price was stuck beneath the 50% Fibonacci retracement level and trading volume was low. This pointed toward sidelined market participants waiting for a direction to be established. The RSI was at 56 to show upward momentum for SOL but its OBV was unable to break above a significant resistance level.<\/p>\n<p>This level stretched back to May and served as a support back then. Hence a move above this level would be one of the first strong signs of an uptrend on the 4-hour chart. Yet, until that time, traders can be bearishly biased.<\/p>\n<p>The FVG at the $16.8 region (highlighted by the white box) had confluence with the 61.8% retracement level at $16.86. A test of this level or the imbalance itself can provide a risky shorting opportunity for SOL bears, targeting the low at $12.8.<\/p>\n<h4>Coinalyze data showed sentiment remained bearish despite the bounce<\/h4>\n<figure id=\"attachment_321493\" aria-describedby=\"caption-attachment-321493\" style=\"width: 1923px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/PP-3-SOL-coinalyze.png\"><img decoding=\"async\" class=\"size-full wp-image-321493\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/PP-3-SOL-coinalyze.png\" alt=\"Solana shows signs of a shift toward bullish momentum but demand was weak\" width=\"1923\" height=\"1116\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/PP-3-SOL-coinalyze.png 1923w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/PP-3-SOL-coinalyze-300x174.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/PP-3-SOL-coinalyze-1024x594.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/PP-3-SOL-coinalyze-768x446.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/PP-3-SOL-coinalyze-1536x891.png 1536w\" sizes=\"(max-width: 1923px) 100vw, 1923px\" \/><\/a><figcaption id=\"caption-attachment-321493\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/coinalyze.net\/solana\/open-interest\/\" target=\"_blank\" rel=\"noopener\">Coinalyze<\/a><\/figcaption><\/figure>\n<p>The spot CVD of Solana has been in a downtrend in June. On 11 June when the prices tumbled, the funding rate surged deep into negative territory. This reflected the dominance of short positions in the market.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">How much are 1, 10, or 100 SOL worth today?<\/p>\n<hr \/>\n<p>Since then, the price has slowly climbed higher, but the Open Interest slid lower on the chart. This signaled discouraged long positions and that bearish sentiment prevailed in the market.<\/p>\n<p>Therefore, while a bullish reversal cannot be ruled out, the evidence at hand pointed toward further losses for SOL.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>At the time of writing, the price was stuck beneath the 50% Fibonacci retracement level and trading volume was low.<\/p>\n","protected":false},"author":57,"featured_media":321492,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,41,18,66,3,23,4,20],"tags":[],"class_list":["post-321489","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-analysis","category-hide-cryptopanic","category-new-news","category-news","category-no-home","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - 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