Solana indicators show low demand – Should you be worried?

revealed that the Solana-based NFT volume increased 30% in the 24 hours that preceded press time, but that its month-to-month volume was still down 57% compared to April.

Technical analysis of the token showed that a $200 target was feasible. The bullish outlook remained strong, but the volume indicators continued to cast a slight doubt on the breakout.that the OBV had not made a move past the local resistance despite the price rally. The Fibonacci extension levels at $236 and $279 are the next targets, but the lack of a bullish follow-through could be a sign of weakness.

The trading volume did not surge higher despite the break of a six-week resistance zone. The CMF sunk toward -0.05. Its reading of -0.03 at press time showed no significant capital flow into or out of the SOL market.Therefore, SOL might sink below the $160 zone again. It was not likely at press time, given the momentum indicators and the price action itself. The Directional Movement Index showed a strong uptrend with both the +DI and ADX above the 20 mark.

Therefore, the $160 support zone would likely be defended in the event of a retest and the rally is expected to continue. Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis.

Source: Entertainment Trends (entertainmenttrends.net)

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