1-Day Analysis:Big Picture: The selling pressure on Solana has subsided as the price approaches the EMA-200 level. However, bulls have not showed anything spectacular as of now. This suggests that volatility may rise in the next hours. While the bulls try to defend the EMA-200, the sellers will go all-out to break past this support level.
On the Upside another intra-day resistance level has been introduced. The session’s key resistance remains around 23.55, followed by 24.05 and 24.25 levels. The bulls are still expected to face intraday obstacles in this zone. Surpassing these levels will help to halt the current corrective move and may possibly induce aggressive short-covering, dragging the upside back towards the 24.95 to 25.05 levels initially.
The Downside for Solana remains the same with extremely significant support level at 22.55. The EMA-200 level, which was previously the trigger for a large move to the upside, is now serving as a key support. Solana also has a horizontal support level at 22.30. This is a significant zone that must be transformed into a firm support for Solana in order to avoid additional selling, as losing the EMA-200 might turn the corrective phase into a selling phase.
