4-Hour Analysis:
Big Picture: The buyers fought hard for the mid-level but lost it, resulting in another selling spree. Prior reports indicated that any breaches below the mid-range would keep selling active and would target lower supports. The range remains effective, and price is now closing in on the bottom levels of the range. A reaction still is highly anticipated. Furthermore, as long as the range is valid, the levels should be respected in both directions.
On the Upside Solana is re-testing the 23.40 mid-range level. Any recovery and strength above this level would ease selling pressure and open the door to higher levels for Solana. However inability to obtain acceptance above this level will keep prices at this level restricted. Although, above this level, the next intra-day resistances are at 24.25, 24.50, and 25.00.
On the Downside Solana will receive initial assistance from levels 22.50 to 22.15. Price lost these supports during the weekend, but the drawdown was brief, thus these supports will once again provide support upon test. If these supports are lost, Solana will be exposed to the 21.50 level and may potentially revisit the 20.60 to 20.30 levels.
