4-Hour Analysis:
Big Picture: Solana was under pressure in the previous session and is still under selling pressure. Price has been gradually going near the range band’s supports. Buyers must step up and defend this level in order to have a chance of recovering to higher levels, as breaching this support would almost surely push price down, into much lower supports.
On the Upside the EMA-20 has practically been leading the price down and lower. The EMA is now at a level of 12.05. Surpassing this would, at the very least, halt the pressure for the next several hours. However, if lower support holds in this situation, an upside push towards 12.05, followed by 12.40, is quite likely. Surpassing 12.40 opens up the 12.75 to 12.95 range.
On the Downside Solana has begun to test the 11.70 level on a frequent basis. Unless there is a substantial bounce, this is likely to get weaker overall. The level is becoming very important, and breaching it would likely expose Solana lower towards 11.20, followed by 11.00, and may perhaps take pricing as low as 10.75. To negate the pressure, acceptance above 12.40 is necessary.
