The support level of $22.4 was breached by #Solana 's negative move, but as of press time, bulls had quickly recovered with gains of 7%.

A recent price break by the bears below a pivotal level might halt future advances, although a swift bullish comeback is possible.

In the longer durations, sellers continued to hold a larger proportion of open contracts.

Over the previous 48 hours, Solana's [SOL] negative momentum caused it to cross below the intersection of the $22.4 support level and the bullish order block (OB). The price had dropped to the $19 area after the level's bullish defence could not hold off the selling onslaught.

Bulls attempted a swift comeback despite the tilt for the downside, gaining 7% over the previous 12 hours. At the next resistance level ($22.4), a significant obstacle prevents the bullish comeback. Will the bulls in Solana continue to purchase to recover their recent losses?

During the past month, sellers have turned over two significant support levels in Solana's bearish decline. In the end of July, the $25.3 support was the first to lose way. Bulls resolutely defended the $22.4 level, but on August 17 it also gave way to selling pressure.

Because it broke the previous lower high and indicated a change in momentum on higher timeframes, the flip of the most recent support level was important.

With #bitcoin [BTC] trading around $26.5k as of press time, market conditions appeared to be improving despite the bears' advantage. Bulls may be able to rapidly regain the $22.4 price level with this.

But, if the selling pressure continues, the retest of the $22.4 level may offer fresh opportunities for shorting, with sellers aiming for the $18–$20 price range.

The Relative Strength Index (RSI), meantime, increased throughout the recent bullish recovery, rising to 43. Indicating increased buying pressure, this. The Chaikin Money Flow (CMF), which indicates rising capital inflows, also turned positive with a value of +0.06.

Coinglass data revealed that sellers were more likely to increase their profits. The short/long ratio showed that 52.27% of all open $SOL contracts were held by shorts. In comparison, long positions owned 47.73% of the market during the previous day.

Sellers were confident in upholding the negative bias despite a $18 million disparity in open positions. But, traders should keep a close eye on BTC's price activity because a bullish surge might turn the market's negative slant.