SOL-“Play the Range”

2-Hour Analysis:

Big Picture: Solana continues to honor the levels within the defined range. Solana formed a short-term double top, resulting in profit-taking and a re-test of lower supports. Price is still holding the deviation supports. If Solana can hold onto this range for an extended amount of time, a wave of short-coverings remain likely, pushing the price back into the upper levels.

On the Upside a handful of intra-day resistances have emerged. Solana will see intraday resistance at 22.75, followed by 23.25. Over- Turning these resistances would open the door for a re-test of the 24.26 level. Additionally, establishing a foothold above this level is vital. If price can successfully establish strength above this level, it will move towards the 25.00 level.

On the Downside the loss of the 23.00 support level led a prolonged decline, with the price falling down into the 22.50 to 22.15 support levels. These intra-day supports have kept price from dropping any lower and have held pricing for several hours. It will be important to keep these supports in place to prevent additional sliding. If price falls through these supports, it will most likely re-target the trendline support and could possibly return to the lower supports of 20.60 to 20.30.