SOL – “Play the Range”

1-Day Analysis:

Big Picture: Solana is currently trading within an hourly band with a 7$ range. Solana is currently trading below the midpoint and needs to rise above 15.65 in order to take on short-sellers. Furthermore, as long as these range level holds, the upside will be a good place to sell, while the supports on bottom will favor dip buyers. Furthermore, at these levels and conditions, only quick scalps are preferred.

On the Upside Solana is currently facing serious resistance from the 14.80 level. Price has been unable to break through this level in recent days. Clearing this resistance will allow the price to re-test the 15.65 level, which must be reclaimed for the price to continue upwards towards 16.20, followed by 16.60, and can potentially target 18.40-19.20 if the squeeze continues.

On the Downside at 14.05, new intraday support has formed. The next intra-day supports are at 13.60-13.40 levels. However, the session’s major supports remain at 12.50-12.10. These supports continue to have enough demand to withstand some selling pressures.