SOL-“Price under Pressure”

2-Hour Analysis:

Big Picture: Solana plunged the instant it lost its intra-day range lows. Solana’s failure to retake control and return to the prior range has resulted in the present profit-taking. If the current supportive zone fails, the current profit-taking could potentially turn into a panic sell-off. To counteract the selling pressure, Solana must cling onto the present supports, steadily absorb the selling pressure, and push for a reversal.

On the Upside at 21.05, there is immediate initial resistance. Above this, the next resistance level is at 21.80, followed by 22.15 and 22.55. The levels at 22.15 and 22.55 were previously key support levels; if their initial re-test is rejected, these levels could become strong resistances. Price is predicted to restrict about here for the session. However, if the short squeeze extends, the price may retest the falling channel resistance at 22.90.

On the Downside Solana yesterday lost a couple strong supports and ended up around the 20.60 to 2.30 supportive zone. Testing this region lead to aggressive short-coverings.   However, fresh buying interest has yet to be seen. A consolidation period here could inspire fresh buying interest in Solana. Furthermore, this is a crucial support level that must be maintained in order to avoid a panic sell-off. If this support is breached, the price would soon fall towards the 18.55 and 17.40 levels.