1-Day Analysis:
Big Picture: Solana is still stuck between 24.80 and 21.80 levels. Over the weekend, no notable breakthroughs were observed; rather, the price maintained a slower tempo. Despite having the short-term advantage, bulls have failed to make any movements to break through the short-term range highs. This might cause prices to fall into the lower ranges. Meanwhile, a strong impulse might be observed above 24.80 or below the 21.80 level.
On the Upside between the range levels, different resistances have been introduced. The initial barrier is currently between 22.40 and 22.60. Above these first resistance levels, the next wave of resistance is at 23.50, followed by 23.80. This is a significant barrier for Solana that must be beaten in order for the pair to go on to the 24.20 to 24.80 level, where the short-term range high is seen.
On the Downside price is approaching the short-term range lows. Solana is presently testing the support levels ranging from 22.40 to 21.95. This zone contains a considerable number of supports. The presence of the EMA and the horizontal levels are providing support here. Meanwhile, the EMA-200 is becoming increasingly important, as price being above the EMA-200 makes extreme sell-offs unlikely, while going below the EMA-200 could lead to price returning towards lower levels.
