SOL-“Range Lows Approaching”

4-Hour Analysis:

Big Picture: Solana is still under the seller’s control. Price retested the major intraday resistance mark and was rejected immediately.  However, Solana is now approaching the range lows, and price is showing bullish divergence on smaller time frames. This could result in a partial rebound at the lower supports, therefore sellers should look for active risk management.

On the Upside Solana is facing serious resistance from of 22.05 to 22.15 levels. These are very powerful and historically significant levels. Price must break these levels before it may squeeze any further. Failure to do so would result in sellers remaining aggressive. If buyers are able to push over this level, they are expected to re-target the 22.50 level first, followed by the 22.80 level.

On the Downside Solana is entering a territory with several supports. It has trendline support at 20.80 to 20.60 levels. Another strong supporting zone is indicated below this around 20.30 to 20.00 levels. These are critical supports to maintain. Any pressure buildup below these supports may result in a range breakout. However, any short-term deviations around the range lows will have no significant influence as long as they are brief.