Solana flips $20 level to resistance: Bearish trend to prevail?
oscillation between $26k and $27k has introduced a high level of caution by investors, with traders looking to avoid being caught out by substantial price movements.The sustained selling pressure on Solana took it to the major support level of $20 on 8 May. Bulls mounted a strong defense of the level for a 2-week period before finally caving to the bearish momentum. Another bullish attempt to rally was pushed back at the new resistance level of $20.
Meanwhile, the on-chart indicators didn’t give any clear signals. The Relative Strength Index remained under neutral 50, highlighting the lack of buying pressure. The On Balance Volume stayed flat while the Chaikin Money Flow hovered over the zero line, reiterating the indecision by market speculators on capital inflows for SOL.
A look at the four-hour timeframe showed that price briefly bounced off the minor support zone at $18.86 over the past two days. Based on SOL’s historical price movement, this might be a brief respite before the bearish momentum continues. A bullish rally for Solana could be triggered by Bitcoin surging toward $30k again. Else, bulls might need to wait for price to get to the next major support level at $16.66 to mount a significant reversal.
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