2-Hour Analysis:
Big Picture: Very little was offered from the price action for the previous session. Solana is struggling to overcome previous levels of support. Sellers have been very active on this coin in recent weeks, taking advantage of nearly all available opportunities. The selling pressure appears to be continuing. Reclaiming and displaying strength above intraday resistance would reduce selling pressure and allow the price to breathe and move higher.
The Upside for Solana remains the same with 13.70-14.05 levels capping the upside. This range is occupied by a handful of resistances. Multiple resistances occupy this range. Breaking these will be a positive sign, allowing for a smoother uptrend. Surpassing this level will almost certainly take the price to 14.40. A re-test on 14.95-15.25 levels requires strength above this region. This region previously limited Solana’s upside.
On the Downside initial intra-day supports can be found between 13.30 and 13.40 levels. below these are the stronger supports that are ranging from 13.20 to 12.75 levels. The previous sell-off was also limited at these levels. Furthermore, if Solana can keep these supports in place, momentum will return, causing prices to rise. If these intraday supports are broken, the price will be exposed back to 12.30 levels, with the possibility of falling even lower.
