4-Hour Analysis:
Big Picture: Solana has again halted its downside near intraday supports. Moving forward, a re-test of prior range lows is likely, and going back above these levels would allow buyers to acquire an advantage once more. Reverting recent range lows to support would raise the chances of a move back into the mid-range in the coming hours.
The Upside remains the same with price facing intra-day hurdles at 20.30 and 20.60 levels. These are important levels to reclaim in order to unleash a strong upside once more. Persistent strength over 20.60 will allow the bounce to 22.05 to 22.15 levels. A clean break over 22.15 extends the upside into the mid-levels, with a target of 23.40.
On the Downside yesterday, the 19.20 and 19.10 levels defended price very well and triggered a significant intra-day recovery that is ready to challenge the critical barrier above. Nevertheless, initial support for the session has been formed around 19.75, followed by 19.20 and 19.10 levels. Sellers must break below the 19.10 level in order to maintain short-term control of the trend and strive for lower levels.
