SOL-“Continue with Wait & See Approach”

1-Day Analysis:Big Picture: Yesterday’s session extremely volatile, as price began the session under pressure and then closed the session significantly higher than the sessions low. In yesterday’s session, Solana fell to levels last seen on July 7, 2023. The pressure persists as buyers continue to avoid from competing with sellers away from the support levels. Unless buyers begin to face sellers, the upside is doubtful, while the downside remains a continual concern.

On the Upside further resistance has been added at the 21.00 level. Following this, the next set of resistances are evident at 21.25 to 21.55 levels, followed by 21.90 to 22.15 levels. If there are panic short-coverings, this is where price might potentially strike back towards. Furthermore, the resistances at 22.40 and 22.85 remain critical for Solana to rise above these levels. Furthermore, the dynamic EMAs are rapidly approaching in this area, making the bulls’ task much more tough.

On the Downside Sellers tested the support levels of 20.30 to 19.60 for the third time in a few sessions. Buyers have been able to hold these supports for the time being, although volumes remain modest, suggesting that no meaningful change of hands has occurred. Furthermore, if buyers do not step up and drive prices higher, these supports will stay under persistent pressure. Loss of this supporting zone would be another blow for the bulls, who would then be exposed lower towards 18.80, followed by 17.65.