Solana technical indicators showed selling pressure had the upper hand recently, but one factor suggested a move to $160 was likely.
Solana’s revenue was also up by 33.3%, but the memecoin frenzy was fading. This saw decreased decentralized exchange volumes and total value locked .The long-term trend of Solana was bullish after the rally in late February and March. Yet, in the near term, the bias was bearish. This was due to the series of lower highs and lows that SOL formed in April.
The RSI reading was 45 but has been below neutral 50 for most of April. This highlighted bearish momentum. The OBV has also been in a downtrend and was at a resistance level at press time. Additionally, there was a fair value gap in the $160 zone. This region served as support in March and acted as resistance now.
The Fibonacci retracement levels at $141.15 and $122.38 were likely to be tested in the coming weeks before bulls could reverse the trend.The liquidation heatmap showed that the $143-$145 was a significant liquidity pool in the near term. The past few days saw SOL reverse from $157 to $145 to collect this liquidity.Therefore, it was likely to be a magnetic zone that would attract Solana prices to it in the coming days.
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