Solana

Bitcoin

Solana (SOL) has been indicating a risky buying opportunity for short-term investors. The trend and market structure in larger time frames had a bearish inclination, but analysis of the 4-hour and 1-hour charts pointed towards a possible price spike. 
<a href="https://en.coin-turk.com/bitcoin-and-ethereum-key-insights-and-future-expectations/" data-wpel-link="internal">Bitcoin</a> (<a href="https://en.coin-turk.com/bitcoin-surges-above-30000-boosted-by-whale-activity-and-etf-applications/" data-wpel-link="internal">BTC</a>) managed to reach $31,300 on June 23, the highest level it has attained in 2023. The previous local peak was $31,000 in April. This has revealed bullish expectations, but the price action of the previous week showed that a retracement should not be overlooked. This has rendered the crypto market riskier, and traders may be ready to cut trades on potentially invalid transaction expectations. 
<h2 style="text-align: justify" id="will-solana-rise">Will Solana Rise?</h2> 
The 4-hour structure was pointing downwards. After <a href="https://21milyon.com/coin/sol" target="_blank" rel="noopener" data-wpel-link="exclude">Solana SOL</a> rose to the $17.75 level, it created a higher bottom at $16.16 on June 23. Since then, the price fell, reaching $15.89 on June 27. A series of lower peaks also formed as a result of these price movements. 
This may have indicated SOL’s entry into a downward trend. The Directional Movement Index -DI (red) was at 25, and the ADX (yellow) was at 19.54. An ADX over 20 signifies a strong downward trend. Meanwhile, the RSI was also below the neutral 50, showing downward momentum. The CMF was falling but still indicated significant capital inflow with a +0.06 sign. 
<a href="https://en.coin-turk.com/?attachment_id=86959" rel="attachment wp-att-86959" data-wpel-link="internal"><img decoding="async" loading="lazy" class="size-full wp-image-86959 aligncenter" src="https://en.coin-turk.com/wp-content/uploads/2023/06/short-term-4-saat.webp" alt="" width="783" height="420" srcset="https://en.coin-turk.com/wp-content/uploads/2023/06/short-term-4-saat.webp 783w, https://en.coin-turk.com/wp-content/uploads/2023/06/short-term-4-saat-300x161.webp 300w, https://en.coin-turk.com/wp-content/uploads/2023/06/short-term-4-saat-768x412.webp 768w" sizes="(max-width: 783px) 100vw, 783px"></a> 
A series of Fibonacci retracement levels were drawn based on SOL’s jump from $12.8 to $17.75. The 50% retracement level was shown to be at $15.28. It seemed to represent an opportunity for investors wishing to enter long positions, deemed invalid under $14.88. In the upper region, the 4-hour trading block displaying a bearish trend at $18.7 aligned well with the 23.6% extension level at $18.92. 
<h2 style="text-align: justify" id="latest-on-solana">Latest on Solana</h2> 
When Solana’s price fell from $17.1 to $16.08 on June 26, the Open Interest started to increase. The OI approached $20 million, indicating significant short selling and a strong bearish sentiment in the market a few days ago. 
However, spot CVD began to show an upward trend. In the last 24 hours, while CVD slightly rose, the OI stayed horizontal despite short-term volatility. Together, they indicated that the market sentiment remained in favor of sellers. 
<a href="https://en.coin-turk.com/?attachment_id=86960" rel="attachment wp-att-86960" data-wpel-link="internal"><img decoding="async" loading="lazy" class="size-full wp-image-86960 aligncenter" src="https://en.coin-turk.com/wp-content/uploads/2023/06/26-haziran-fiyat-grafik.webp" alt="" width="780" height="426" srcset="https://en.coin-turk.com/wp-content/uploads/2023/06/26-haziran-fiyat-grafik.webp 780w, https://en.coin-turk.com/wp-content/uploads/2023/06/26-haziran-fiyat-grafik-300x164.webp 300w, https://en.coin-turk.com/wp-content/uploads/2023/06/26-haziran-fiyat-grafik-768x419.webp 768w" sizes="(max-width: 780px) 100vw, 780px"></a> 
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Solana (SOL) Poses a Risky Opportunity for Short-Term Investors: Signs of Potential Price Spike

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