4-Hour Analysis:
Big Picture: Solana has completely failed to show any strength and is now moving below yesterday’s intraday supports. If this pressure continues, the price is likely to revert to the range bottom zone of 20.60 to 20.30. This is where significant short-coverings could be monitored. To overcome such bearish developments, strength must be restored above the mid-range.
On the Upside fresh intraday resistances have been added at 22.15-22.05 levels. Above them, the price will face resistance in the 22.70 to 23.05 range. Meanwhile, the trailing EMA-50 has now dropped close to 22.70 level. But still, strength above both 22.70 and 23.05 is required to bring Solana back into the 23.40 mid-range. Clear acceptance over 23.40 is essential to not only offset the selling but also to propel prices higher with strength.
On the Downside the support level of 21.50 still remains valid. This is the sole clear level of support for Solana before the range lows. Any price acceptance below this support level would expose Solana to lows in the 20.60 to 20.30 region. Moreover, as long as the range holds, price is predicted to honour these supports; but, if the range lows are breached, lower expansion will be witnessed, aiming to fill the inefficiency left behind between 19.70 and 17.40 levels.
