1-Day Analysis:
Big Picture: Since hitting the highs of 32.23, the price has fallen all the way back to 17.65 levels, where a temporary bottom was forced and a 50% retracement move initiated. Since hitting the 50% retracement level, Solana has fluctuated between 24.80 and 21.80 levels. Price also tested the EMA-200 yesterday, and so far, there has only been a mild response, which is cause for concern. Price is anticipated to be choppy and volatile inside this range.
On the Upside once more, the levels of 22.40 to 22.60 have limited the upside and are preventing Solana from gaining any upward momentum. Strength over 22.60 is still crucial for price to retest higher levels inside the consolidation area. Solana would aim for 23.50 and 23.80 levels by moving over 22.60 level.
On the Downside Solana penetrated deeper into the supportive range and strongly tested the EMA-200 level. As long as the EMA-200 can hold, the supporting range, however, continues to be relevant. The price would suffer if the EMA support were lost since losing this would likely broaden the downside towards 21.10 and even 20.30.
