1-Day Analysis:
Big Picture: The bearish sentiment persists and continues to bleed price lower. Solana somehow managed to close the daily closing candle back above 11.85, however it is once again facing a similar sort of selling pressure. If buyers can step up yet again and give a closing back above 11.85, then it’s likely to exhaust the sellers. Such a scenario could pave way for a smoother round of upside.
The Upside remains the same with just an addition of resistance at 12.40 followed by 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 daily level of 11.80 once more. This is a significant support level that is keeping the price from falling further. However, current selling pressure remains intense and may breach this support as well. If this happens, Solana will be exposed toward 11.05, then 10.80, and eventually 10.20. Furthermore, multiple supports can be seen between the 11.80 and 9.20 levels. In the coming sessions, Solana could potentially place a short to medium term bottom between these levels.
