SOL-“Caution for Active Sellers”

4-Hour Analysis:

Big Picture: Solana is testing the range lows, and the price is currently forming a possible bottoming pattern on the lower time frames. However, confirmation is still pending, but if sellers are unable to move in the next several hours, a powerful wave of short-coverings might be anticipated, even if just partially. 

On the Upside the initial resistance level of 20.80 holds solid. Surpassing this level might trigger a fast wave of short-coverings, taking Solana higher into the 21.20 to 21.30 levels, followed by 21.50. If buyers can demonstrate strength over 21.30 to 21.50 levels, the gain could likely to extend to higher levels

On the Downside the primary supports are still located at 20.30 to 20.00 levels. These are critical support levels for Solana, and maintaining them would keep the possibility of a significant sell-off out of sight. While loss of these range low supports can keep sellers ahead with lower objectives in the 19.20 to 18.50 zone initially.