1-Day Analysis:
Big Picture: For the last few weeks, Solana has been under severe bearish pressure. It has been in a continuous free fall since losing the previous range of 26-27$. Solana has lost a few points, but it is now close to several psychological supports that can quickly change things in the future. Furthermore, there has been a significant increase in volume with this fall, indicating that a change of hands is possible. With extremely oversold conditions, sellers are advised to take aggressive profit-taking as any short-covering event can quickly turn into panic short-coverings.
On the Upside a new level of resistance has now formed at 13.05. These are still pre-mature resistances and can be tackled comfortably if bulls are too show some resolve. The next level of resistance above this is at 13.85-14.25. This price level was rejecting a potential higher re-test. If Solana gains acceptance above these resistances, a much more brutal short-covering event is likely, which could extend the upside towards 14.80, 15.10, and as high as 16.20 to 16.60 for the session.
On the Downside Solana is attempting to break the 11.80 level. This is a significant support level that is still preventing the price from falling further. However, selling pressure is still very high and may breach this support as well. If this occurs, Solana will be exposed next toward 11.05, then 10.80, and 10.20. Moreover, multiple supports are visible between 11.80 and 9.20 levels. Solana could potentially place a short to medium term bottom between these levels in the coming sessions.
