SOL – “Major Supports Below”

1-Day Analysis:

Big Picture: Solana attempted to reclaim control of the previous range, but was met with immediate rejection. The rejection then prompted another selling. Solana has retested its lower supports after selling and received a positive reaction. Current conditions point to a choppy and ranged environment for Solana. However, in order to regain strength and call upon another solid short-squeezing round, the price must rise above 18.20.

On the Upside the initial resistance level will be 14.60. Price should ideally close back-to-back hourly candles above this level before moving on to 15.40. Strength above 15.40 opens at 16.20 and 16.60. Massive short-coverings can be seen if Solana’s strength exceeds 18.20.

On the Downside with the recent pushes, supports have developed once more at 14.20. The next support level is at 13.45. Both of these levels will provide adequate support for the price, but failure to hold will expose Solana to the support region located between 13.05 and 11.85.