4-Hour Analysis:
Big Picture: The sellers were strong for another session, limiting Solana’s strength above the prior range lows. Pricing was expected to drop if the range low supports were breached again. Solana is anticipated to move between 22.05 and 16.00 levels over the next few trading sessions.
On the Upside the session’s initial resistance will be positioned at 20.00, followed by 20.30 and 20.60 levels. When tested, these levels are anticipated to keep the price hefty and under pressure. Also, maintaining a grip above 20.60 is necessary for extending the upside. This is expected to offer up additional upside into the 21.30 level, followed by the 22.05 and 22.15 levels.
On the Downside Solana had severe intra-day selling after losing the range lows, taking the price down towards the 19.20 and 19.10 levels. These levels were recognized as reasonable supports that, if tested, would give price protection. Solana had good support from these levels and will continue to do so. The next level of support is indicated below these supports at 18.50 and 18.10. Any break below 18.10 will very probably expose price to daily level support of 17.40.
