SOL-“Play the Levels”

2-Hour Analysis:

Big Picture: Over the weekend, Solana went through a corrective phase and challenged the previously identified resistance level. Solana is in another sideways channel between 16.05 and 14.30 unless the previously mentioned resistance breaks. Strength over 16.05 would push price higher towards the upper levels, while failure to break the resistance levels would push price down towards the lower supports before any further continuation.

On the Upside the immediate resistance level stays at 16.05. Price recently touched this level but was immediately rejected, limiting the price inside the range. Breaking 16.05 would still be required for Solana to go for higher levels. A break over 16.05 would allow a move into the 2-hourly supply zone of 17.40 to 17.60. There will be some intra-day resistance between 16.40 and 16.80.

On the Downside intra-day supports are expected between 15.40 and 14.95 levels. Furthermore, for the time being, the EMA-50 and EMA-32 are serving as supports. By holding these intraday supports, price would be prevented from re-testing the lower supports. However, a break of 14.95 would send the price down, first towards the 14.60 level, then possibly back to the 14.30 to 14.05 zone. This is where strong demand is likely to be seen.