SOL-“Play the Range”

4-Hour Analysis:

Big Picture: Solana has been under selling pressure after previously hitting the range top. Price is still within a macro consolidation range, therefore the ranges have held once again. This consolidating environment is shaping into a phase of re-accumulation or distribution. In an event of re-accumulation, another major price surge is likely, however if this turns out to be a distribution phase, Solana may fall towards lower support levels.

On the Upside intra-day resistance levels of 24.25 and 25.00 have been re-established. Solana briefly surpassed them, but lost these levels on the way down. As a result, price will identify them as intraday resistances once more. Solana has the range top at 26.10 and 26.55 levels above them. These are important resistance levels that must be surpassed in order for the upside to continue.

On the Downside the price has returned to the mid-range. This support level of 23.50 is now holding fairly well. Holding this level for a bit longer may result in some pressure relief and intraday short-coverings. But, if the selling pressure continues, Solana could fall further lower to 22.50 and 22.15 levels.