SOL-“Indecisive Price Action”

2-Hour Analysis:

Big Picture: A strong follow on candle was required to provide confirmation on the morning star candlestick pattern. Solana completely failed in doing so and nearly went for a bearish engulfing, however remained just a shy of doing that. The previous few candles have once again casted the likelihood of choppy conditions due to extreme indecision.

On the Upside congestion remains high at 13.70 to 14.05 levels. Price has yet to achieve success above this level. As a result, this region remains the initial resistance level. The next level above this is at 14.40. A display of strength above this can propel Solana towards 14.95 to 15.25 levels.

On the Downside the levels from 13.30 to 13.40 have once again stepped up and provided solid support throughout the session. If these levels are breached, the next strong supports range from 13.20 to 12.75. The previous sell-off was also limited at these levels. If these intraday supports are broken, the price will be exposed back to 12.30 levels, with the possibility of falling even further.