would need to reclaim the $20k and $20.8k levels for Solana to present a more palatable short-term outlook for the bulls. In the meantime, longer-term investors can assess buying Solana near the low of a range extending back to late May.Solana formed a range between $47.5 and $26.4. This range’s mid-point lay at $37, a level that has acted as resistance since mid-August. The recent rally was unable to break above the $37 mark, its third attempt in as many months.
To highlight this fact, the OBV took a swift tumble almost overnight. It broke beneath a support level in mid-October. Moreover, the OBV has been forming lower highs since August. This suggested that Solana did not experience strong demand in the past few months.
Source: News Formal (newsformal.com)
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