Solana [SOL] slips below $21 level, can bulls suffer further losses

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Bitcoin saw some indecision on the price charts over the past week. The interest rate hike of 25bps on 22 March induced volatility but did not break BTC’s uptrend. On the other hand, the 4-hour chart of Solana shifted bearish due to the price action on that day.

Read Solana’s [SOL] Price Prediction 2023-24

Solana also saw a decline in NFT activity on its network. On the price charts, even the higher timeframe structure such as on the daily was bearish. This could see the prices slump further and head toward $19 and $17.7.

Source: SOL/USDT on TradingView

The short-term range (yellow) that Solana was trading within the last week was lost as selling pressure intensified. The structure had been bearish even before the prices fell below the range lows at $21.05. At the time of writing, SOL witnessed a small bounce from $20.15.

A retest of the $21 area can be used to sell the asset. Alternatively, if the prices continued to rise, the bearish order block in the $22.6 region could offer a selling opportunity as well.

It already acted as a lower timeframe bearish stronghold on 23 March when a move up to $23 was quickly rejected. A repeat of this scenario was possible, but less likely.

This was because a move above $21 would shift the lower timeframe structure in favor of the bulls. Another 8-9% move upward would be indicative of strong buying pressure, and uncertainty can seep in on the lower timeframes.

How much are 1, 10, or 100 SOL worth today?

Hence, a move above $21 would give some power to the bulls while a rejection there would reinforce bearish pressure.

At the time of writing, the