SOL-“Continue Wait and See Approach”

4-Hour Analysis:

Big Picture: Solana’s indecision between the key zones persists. Solana has struggled to find a clear direction in recent trading sessions. However, while the price is at a major support level, the responsibility of action remains on Bulls. To counteract the current selling pressure, bulls must achieve acceptance above the intraday resistance zone.

On the Upside Primary resistance for Solana will be seen at 20.60 and 20.80. Secondary resistances are found at 21.20 to 21.30 levels. Strength above this region is still required for Solana to challenge higher levels in the vicinity of 21.50 to 21.80 levels, with more potential for gains into the 22.15 levels.

On the Downside Solana has returned to the range low supports after numerous rejections from intraday resistance levels. Range low support levels extend from 20.30 to 20.00. Since late March 2023, no 4-houlry candle has convincingly closed below the 20.00 mark. This demonstrates that the range lows provide significant support for Solana. As a result, keeping them would undoubtedly favor bulls. However breaching these supports risks a rapid fall lower, aiming the 19.20 level with room for further downside.