1-Day Analysis:
Big Picture: Failure to break through the 25.50 level has sent the price back down towards the dynamic supports. Solana has been trading in a range of 25.50 to 22.50 over the previous 20 to 22 days. However, for the session, the price is now challenging the major dynamic levels, and maintaining these levels remains on the shoulders of bulls, since losing these supports might lead to short-term panic selling.
On the Upside The price will continue to face resistance at the level of 23.50. This barrier must be overcome if Solana is to return to the levels of 24.05 to 24.20. Solana failed to break through this barrier in yesterday’s session, resulting in further selling. Unless 23.50 breaks, the upside is limited for the pair..
On the Downside the dynamic support levels of EMA-200 and EMA-50 are being tested again. Previously, when the price challenged this area, there was a major reaction after a few days of consolidation. A similar outcome is possible if bulls regain control of this zone. For sellers they need to break lower to continue with their selling and expose Solana into 21.40 to 21.20 levels.
