4-Hour Analysis:
Big Picture: Solana reclaimed the prior range lows, resulting in additional corrective upside. Solana retraced exactly to the 50% fibonachhi levels before being rejected and initiating another wave of intraday sell-off. Solana is at a pivotal moment, as maintaining range lows keeps recovery hopes alive, but breaking range lows again might result in another sell-off. Tough conditions are expected at these ranges.
On the Upside as previously said, the levels 22.05 to 22.15 restricted Solana’s potential. Expect heavy resistances to re-emerge around the 21.60 level, followed by major session resistance at the 22.05 to 22.15 levels. Surpassing these levels will allow a move into the 22.85 zone.
On the Downside the range lows of 20.60 and 20.30 are now providing solid support to the price. Solana must maintain these levels in order to minimize the formation of intraday selling pressure. Once these supports are lost, Solana is likely to fall further into the 19.75 level, followed by the 19.20 and 19.10 regions, where a strong supporting region is once again observed.
