SOL bullish breaker could flip back to supply barrier as Solana’s largest DeFi protocol blocks UK users
|- Solana price remains bullish after a 40% run north in October to confront the $30.24 resistance level.
- Amid waning buying pressure, SOL could retract 15% to flip the bullish breaker back to a supplier barrier at $24.
- The outlook remains plausible unless the altcoin breaks and closes above the $30.24 range high.
- Meanwhile, the largest DeFi protocol on Solana blockchain has shut its doors to UK users.
Solana (SOL) price continues to maintain its gains as the bears remain in the cage. The purported Ethereum-killer (ETH) joined Bitcoin (BTC) price in the uptrend that began around October 13 to test the stiff resistance at $30.24.
Also Read: Solana vs. Ethereum: Renewed debate erupts over efficiency, development and scalability
Solana’s largest DeFi protocol, Marinade Finance, blocks UK users
Solana (SOL) price is at a crossroads, easing the rally after the recent bullish breakout got analysts describing SOL as a prospective best performer in 2024. The cryptocurrency is confronting the $30.24 resistance level after a 65% climb from the September 13 low of $17.84.
However, the gains could be cut short in the face of recent news about the largest protocol on the Solana network, Marinade Finance, closing its doors for users in the United Kingdom (UK). The reports released on Monday have been citing “compliance concerns.” Reportedly, the move is part of the DeFi protocol’s commitment to complying with the Financial Conduct Authority (FCA) regulations of the United Kingdom.
Marinade Finance is not the only protocol to play this card. It joins Orca Finance in restricting access to UK customers, with a warning message not to access the site. Nevertheless, the 'withdraw liquidity' function remains operational. They can also claim delayed tokens and delay unstaking through the network’s SDK.
This is not the first time the tumultuous regulatory landscape in the UK has caused firms to turn their back on Albion’s shore. Among these other firms are Bybit and PayPal, both of which also exited the UK market for similar reasons. Binance is also not accepting new UK customers and exercising caution amid tough FCA regulations.
Solana price uptrend under threat
With the volume of users bound to reduce following this move, SOL’s upside potential could be under threat as Solana price tests the $30.24 resistance level. It is worth mentioning that while the bulls have the upper hand, indicated by the position of the Relative Strength Index (RSI) far above 50, this momentum has deviated, showing bears are steadily gaining ground as profit booking continues.
Unless Solana price breaks and closes above $30.24, Solana price could start pulling back, possibly testing the bullish breaker that extends from $26.82 to $24.75. A break and close below this order block could flip it back to a supply zone.
In the most dire case, the slump could extend for Solana price enough to test the last lower low around the $21.30 level. Even worse, SOL could then descend to test the demand zone ranging from $19.32 to $17.84.
SOL/USDT 3-day chart
Conversely, with the odds still in favor of bulls, Solana price could shatter the $30.24 resistance level, potentially going as high as the $34.34 resistance level. Such a move would constitute a 15% climb above current levels.
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