SOL-“Play the Range”

4-Hour Analysis:

Big Picture: Solana’s upside potential has been effectively limited by the range top. Price continued to struggle at these levels yesterday, resulting in an intra-day profit-taking event. It was said that unless a break above this range is witnessed, the most likely outcome was to recognize gains. Solana is now under profit-taking pressure and may test intra-day supports. Going forward the range is still valid between 26.55 and 20.30 levels. 

On the Upside the 26.10 and 26.55 levels effectively served as resistances. These barriers prevented the price from breaking out higher. These levels remain the session’s initial resistances. To seek higher prices, Solana must first break through these levels and transform them into solid support for a smooth upward move.

On the Downside price has challenged the initial intra-day support level of 25.00 and has had a good rebound off of it. During the session, the initial support level is still at 25.00, followed by 24.25. As long as Solana maintains these supports, the momentum remain strong. However, losing these supports could increase selling pressure and expose the price to the 23.50 level, which is the range’s midpoint.