SOL-“Price under Pressure”

2-Hour Analysis:

Big Picture: Solana has honored the S/R values with exceptional accuracy within this range. On the lower time frame, price has been developing lower lows and lower highs. Furthermore, price has now reached significant support levels, which have the potential to reverse this corrective phase or shift and shape a corrective phase on higher-time frames as well. Solana must maintain present supports or risk falling further before resuming its upward trend.

On the Upside initial resistance has now been established at the 20.60 level. The next resistances above this level are at 21.15. To drive prices higher intraday, a stronghold above this level will be necessary. Establishing strength above this level will push prices higher into the 22.15 – 22.50 range.

On the Downside the price is still hanging to the 20.30 support level. However, this level is still holding but is weakening as price keeps hitting it. Maintaining this support will be critical in preventing the price from sliding further. Strong selling below this support level will send Solana towards the 18.55 level, then 17.40.