SOL-“Continue with Wait and See Approach”

4-Hour Analysis:

Big Picture: Solana’s momentum has weakened in the previous two or three trading sessions. Prior to it, Solana maintained a strong pace, but several mid-range rejections had exhausted the aggressive buyers. Price is becoming more volatile and indecisive with each proceeding sessions. It either needs strength above the Mid-range to proceed higher, or this should re-test the range lows for any possible reaction.

On the Upside an intra-day effort was attempted to break over the 22.05 to 22.15 range levels, but that effort was short-lived, and the price fell once again. These levels will continue to serve as the session’s primary resistances. Price recovering these levels would assist in easing some of the intraday pressure. While the 23.40 level remains critical for Solana to restore its stalled pace.

On the Downside the supports at 21.30 to 21.20 levels are still effective. Price has taken good support from these levels. However, failure to break above 23.40 will eventually undermine these support levels, exposing Solana to range lows of 20.60 to 20.30 once more. Here is where intraday short-coverings are likely, while fresh buying could also step up.