SOL – “Major Supports Stepping In”

1-Day Analysis:

Big Picture: Solana broke through the massive consolidation box, triggering a massive sell-off. Furthermore, the nature of this breakdown was aggravated by negative news inflows. Due to multiple failures at 37.40, Solana was still poised to test the 2021 consolidation range.

On the Upside price will most likely retest previous ranges in the coming sessions. However, in order for that to happen, the current sell-off must remain within the range. In the future, short-coverings could push prices as high as 17.40, followed by 18.20. However, if Solana begins to rise above 18.20, it may spark a further squeeze towards 19.80, followed by 21.05.

On the Downside massive supports at 11.85 levels are about to be tested. Short-coverings can be seen when indicators are extremely oversold. However, it appears that if this support is breached, the price will likely fall further into 10.80, followed by 10.00, which is also a psychological support for Solana.