SOL-“Important Support Retest”

1-Day Analysis:

Big Picture: Solana has been trading below the 19.65 level, which was formerly a strong support level. Yesterday’s effort to regain this level failed, raising red flags for the bulls. If the bulls are unable to recapture the prior support area and continue to trade below it, another round of selling is likely to begin, aiming for the 25% Fibonacci levels.

On the Upside the resistance levels remain the same with very important resistance levels at 20.30 to 19.65 levels. Solana needs to reclaim this lost region to have some strength back, otherwise the upside potential will remain weaker and unsustainable. The quicker trailing EMA’s of 26 and 32 are quickly approaching this level as well.

On the Downside despite having the upper hand over the trend, sellers have yet to make their aggressive move to drive Solana lower. Given the fact that they have made it difficult for prices to reclaim previously lost support levels. Solana is gaining some little intraday support near the 19.05 level. Below here, the next two supports are at 18.80 and 17.60 levels firmly.