Solana presented bears with a risky opportunity after this point

ambcrypto.com:

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

Over the past two days, Solana appeared to reverse the bearish trajectory it had been on since late February. This was a trend across the crypto market following the short-term bullish sentiment behind Bitcoin in the early hours of Monday.

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Was this the beginning of an uptrend, or was this a move into a liquidity pocket before a reversal? The highs and lows of Mondays generally provide information on the direction of the coming week.

Traders can also incorporate this information before formulating a plan of action regarding Solana.

Source: SOL/USDT on TradingView

At the time of writing, Solana was trading at $19.68 and had retested the previous range lows as resistance. This range was highlighted in orange and Solana had traded within it from mid-January till the drop beneath it on 7 March. The range extended from $20.5 to $26.6.

The gains of Solana measured 28.6% when measured from the swing low at $16 that SOL registered over the weekend. The RSI was also above neutral 50 and showed strong bullish momentum.

However, the OBV was unable to form a higher high, which showed slightly muted buying pressure over the past three days of gains.

Even though the trading volume has been high over the past few H4 trading sessions when Solana made these gains, the trend has not reversed yet. From a technical perspective, the market structure was bullish, as the recent lower high at $18.9 has been beaten.

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

However, the $20 area represented a confluence of resistance from the range lows as well