2-Hour Analysis:
Big Picture: Solana is once again restricted at the daily resistance levels. The price is currently effectively ranging between 22.50 and 26.50 levels. With the exception of a single outlier when the price fell, this range has been successful for over 23 trading sessions. The lower region will function as Solana’s macro-support level. Furthermore, failure to cross 26.50 will eventually cause the price to rollover to lower liquidity zones before any higher push. These ranges could come into play at that point.
On the Upside the initial intraday resistance level is currently at 24.25. Above this level, the next resistance will be found in the 24.90 to 25.00 levels once more. These are significant intra-day resistance levels that will make it difficult for Solana. Breaking above these will re-establish higher price objectives for price into the 25.80 and 26.60 ranges.
On the Downside the 2-hourly EMA-250 is now providing support to the price. The last several tests on this EMA have yielded positive results. Below this EMA, the next support zones are at 22.50 and 22.15. With the exception of one outlier, these support zones have effectively held price. These supports are likely to encourage aggressive short-coverings once more. However, a break below these supports is projected to expose Solana lower, initially to the 21.60 level and then possibly to the 20.60 to 20.30 levels.
