Solana

Delta

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<ul>
 <li>SOL showed no strong signs of exhaustion on the higher timeframe charts</li>
 <li>There were attractive pockets of liquidity around the $100 mark that Solana could retest</li>
</ul>
<a href="https://ambcrypto.com/search/solana" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Solana [SOL]</a> continued to rally during the festive season, giving holders an additional reason to celebrate. Measured from the low on the 19th of December at $71.78, SOL has gained just over 57% in under six days.
AMBCrypto noted in an earlier <a href="https://ambcrypto.com/solana-price-gallops-past-80-what-does-sols-prediction-hold/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">analysis</a> that the $96.45 resistance would be a good place to book profits, and that $103-$106 could serve as resistance.
SOL bulls have blown these expectations out of the water in the past week by driving a rally to $115.
<h4>The psychological $100 could be important again</h4>
<div id="attachment_360449" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-2-SOL-price-1.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-360449" decoding="async" class="size-full wp-image-360449" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-2-SOL-price-1.png" alt="Solana halts near $115- is a pullback due?" width="1940" height="976" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-2-SOL-price-1.png 1940w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-2-SOL-price-1-300x151.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-2-SOL-price-1-1024x515.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-2-SOL-price-1-768x386.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-2-SOL-price-1-1536x773.png 1536w" sizes="(max-width: 1940px) 100vw, 1940px"></a>
 Source: SOL/USDT on TradingView
</div>
The 200% Fibonacci extension level was tested as resistance in the past 24 hours. It was unclear if SOL would be forced to pull back from here.
The RSI on the 12-hour chart is at 81 but has not formed a bearish divergence on the 12-hour or one-day timeframes yet.
On the other hand, the 4-hour charts saw such a divergence develop in the past 24 hours, but it does not guarantee a bearish reversal in the next few days.
Since the trend of SOL was firmly bullish, buyers can wait for a dip before entering long positions. The OBV was also trending upward to indicate buyers were in control.
The $96 region, marked in cyan, served as a lower timeframe consolidation zone on the 23rd of December. It was also close to the $100 psychological level. Hence, a dip into this area before a continuation of the rally was a possibility.
<h4>The bulls could be overextended</h4>
<div id="attachment_360448" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-2-SOL-hyblock.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-360448" decoding="async" class="size-full wp-image-360448" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-2-SOL-hyblock.png" alt="Solana halts near $115- is a pullback due?" width="1866" height="1014" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-2-SOL-hyblock.png 1866w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-2-SOL-hyblock-300x163.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-2-SOL-hyblock-1024x556.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-2-SOL-hyblock-768x417.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/PP-2-SOL-hyblock-1536x835.png 1536w" sizes="(max-width: 1866px) 100vw, 1866px"></a>
 Source: <a href="https://hyblockcapital.com/liquidationlevel" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">Hyblock</a>
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In the past 48 hours, SOL has formed a short-term range that extended from $109 to $116.8. During this time, the Cumulative Liq Levels Delta was extremely high.
The inference is that bulls anticipated more gains and a majority of the market was in long positions.
This meant that triggering their liquidations during a price dip could provide SOL with a lot of liquidity to power its next move upward.
AMBCrypto’s analysis suggested that the $103-$106 area was important, on both the technical chart and from the Liq Levels perspective.
Read <a href="https://ambcrypto.com/predictions/solana-price-prediction" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Solana’s [SOL] Price Prediction</a> 2023-24
It has multiple long positions whose liquidations are estimated to amount to $60M or more. Similarly, the $97-$100 was also estimated to have multiple $20M+ liquidation levels.
Hence, a dip into these regions, while not guaranteed, could provide a buying opportunity.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Solana price halts near $115: Do predictions see a pullback?

AMBCrypto

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