1-Day Analysis:
Big Picture: Solana has been leaving wickless candles behind in pursuit of some hyper movements below. Solana is still under intense selling pressure, but leaving liquidity pools behind might cost the sellers heavily. The selling are still active, but if the supports hold for a bit longer, sellers may become exhausted, paving the door for some substantial rounds of short-coverings.
On the Upside the trailing EMAs continue to lag behind the price. Furthermore, the EMA-50 and EMA-200 are also slowly beginning to move downward. This is a negative development for the bulls since it increases selling pressure. The session’s opening hurdle will be 20.80, followed by 21.25. The next set of resistances are at 21.90 and 22.15.
On the Downside Solana is back in the 20.25 to 19.65 support zone. These supports have held solid all weekend, preventing any aggressive selling. If these supports can hold for a few more sessions, buyers will be able to absorb the current pressure and spark a rapid upside. For sellers to stay active, a major breach of this zone is required for prices to fall into the 18.80 and 17.60 ranges.
