4-Hour Analysis:
Big Picture: Solana’s failure and additional pressure at the Fibonacci retracement demonstrated that the current uptick was merely a corrective climb. Furthermore, following rejection, the price almost received rejection from other S/R level as well. In yesterday’s session, sellers seized the lead and pulled Solana lower, back into the two digits, as they waited for their corrective move. Moving forward, the indicators have cooled off, and Solana is in a reasonably supportive zone. As a result, even if just partially, short covers are now recommended.
On the Upside Solana is now facing a number of new resistances. Price will face stiff resistance between 101.50 and 102.50. This will be the price’s initial resistance range. Above this, the next barriers are at 106, then 109.80 to 110.35. Solana, on the other hand, need considerable momentum to overcome these obstacles.
On the Downside Price is now testing the 98.75 support level. Bulls are having difficulty maintaining this level, which is a cause for caution right now. If this level can be restored and maintained, recovery can begin. However, if sellers are able to breach this support level, the price is anticipated to fall into 87.65, followed by 86.20.
