SOL-Indecision Taking-Over

4-Hour Analysis:

Big Picture: Solana’s price actions remain uncertain. The recent sessions have witnessed tremendous volatility, making things challenging for both sellers and buyers. A comparable situation is currently being followed, in which price is being confronted by both participants at range lows. Price movement below this range will favor sellers, while price movement above this region will favor the bullish outlook.

On the Upside to offset the increased selling pressure, the price must rapidly regain some momentum and surge back above the 21.05 mark. Currently, for the session, the 20.60 level has begun to act as an intra-day barrier for the price. Buyers are now being tested multiple times at the range lows and must make a rapid re-appearance to counteract the mounting pressure. If Solana begins to maintain above the 21.05 level, another wave of short-coverings may be pushed, dragging the price back into the 21.50 area. While strength over 21.50 starts to improve the conditions for buyers to establish some sustainable momentum.

On the Downside at the range low level of 20.30, a tense confrontation is now being monitored. Sellers have been attempting to overrun this support level for the past few hours, but buyers have managed to hold off this support level until now. Buyers must be more aggressive in order to keep this level in check and pull prices back up. Solana is expected to slide back into the 19.80 and 19.30 support levels if this range low support level fails.