SOL-“Initial Rejection”

2-Hour Analysis:

Big Picture: Solana’s objective was to reach the 2-hourly EMA-200 level. It was tested successfully and received the expected rejection. Profit-taking can continue, and Solana may look to retest lower support levels in the coming hours. To re-ignite a strong momentum, the EMA-200 should ideally be flipped into support, allowing price to target higher levels.

On the Upside Solana’s first resistance level remains at 1440. This level comprises both dynamic and horizontal resistances that are likely to halt the price. Surpassing this level, on the other hand, will spark a stronger momentum, with the price likely to challenge 14.95-15.25 levels next. Solana must first sustain above the 15.60 level in order to open the above range of 15.60 to 18.90.

On the Downside the levels of support at 13.85 to 13.65 are about to be tested. These are believed to offer sufficient initial support. Maintaining current levels will allow for a more aggressive price squeeze to the upside. Loss of these supports, on the other hand, will return Solana to the trendline-based supports between 13.30-13.40 levels. These supports are essential, and losing them might hinder the progressive recovery process.