SOL-“Pressure Mounting”

1-Day Analysis:

Big Picture: After diving deeper into the support levels, Solana recorded the lowest candle closing in the recent two weeks. Solana’s price structure has been bearish for several weeks, with lower highs and lower lows remaining intact. The buyers tried to overturn this development a few times but failed each time. Solana is presently penetrating deeper into the support levels, and if price is unable to push higher in the next several hours, the pair is bound to fall back into the lower supports.

On the Upside the prior support level of 20.25 has been broken for the first time and has now shaped up as the session’s primary and key resistance. This is a crucial stage for the session. If bulls are unable to break through this barrier, the pressure will only increase. Reclaiming this level is critical for Solana in order to offset any imminent pressure. The upside will remain unlikely until price reclaims this lost level.

On the Downside the immediate range has been breached as price fell below the 20.25 level. Price is currently consolidating below this previous support which is a cause for concern. If bulls fail to recover this level, Solana could further dip lower towards 18.80 followed by 17.60 before posting any short-term recoveries.