4-Hour Analysis:
Big Picture: Solana maintains the range lows support levels. Buyers have been effective in sustaining these support levels and preventing prices from dropping any lower. While, on the other hand, they have been unable to build any significant momentum to offset the ongoing selling pressure. If buyers continue to fail to propel prices above the 21.30 level, the range low supports risk getting breached.
On the Upside several resistances between 20.95 to 21.30 levels have been preventing Solana from going any higher. Both the horizontal and dynamic resistances occupy this area. Additionally, presence of the EMA-200 at this level is making it difficult for buyers. Solana attempted to break over this key EMA barrier in recent weeks, but price failed to sustain beyond this level. Pushing above 21.30 is essential for Solana to have smoother price action.
On the Downside Solana is still protected by the range low support levels of 20.60 and 20.30. But, repeated re-tests of this range are undoubtedly weakening it. If this zone breaches, Solana is expected to go back lower into the 20.00 level, followed by 19.80 and 19.30.
