SOL-“Play the Levels”

4-Hour Analysis:

Big Picture: Loss of intraday supports for Solana is anticipated to contribute to the selling pressure. Price trading below 22.15 favors a return to the range lows, while price trading above 22.15 favors a recovery into the mid-range levels.

On the Upside 22.05 to 22.15 levels are back as resistance levels. These have been quite effective S/R levels for Solana. Buyers will require acceptance above these levels to re-test higher levels of 22.40, followed by 22.80 and 23.40. For the time being, 23.40 remains a significant barrier to any more sustained upside.

On the Downside Solana is currently getting support at the 21.80 level. This support level has held quite well over the previous few hours, putting a halt to any selling attempts. However, if buyers do not quickly push the price back above the 22.15 level, this support may be breached. If Solana falls below 21.80, it will drop into the 21.30 to 21.20 range next.