SOL-“Caution for Active Sellers”

4-Hour Analysis:

Big Picture: Solana observed a minor rounds of short-coverings which dragged prices higher. However, the short-coverings was unable to translate into anything major. Going forward a similar stance remains expected where price could still look for further short-coverings in this region. For sellers breaking the range lows remains essential to induce further loss.

On the Upside Solana had surpassed the 20.80 level but failed in demonstrating any strength beyond 21.30 level which once again caused profit-taking. For the session 20.80 is established as a resistance yet again. Beyond this 21.20 and 21.30 levels are the next levels of resistances. Strength above them leads Solana higher into 21.50 and 21.80 levels next.

On the Downside the range low supports are still effectively limiting any sell-off from sellers. These supports are in range of 20.30 and 20.00 levels. As mentioned earlier holding these supports remain entirely essential for buyers, as losing these supports could lead to a stronger sell-off. In an event of losing these supports price will initially move lower towards 19.20 and 18.50 levels.