SOL-“Range Low’s Under Test”

4-Hour Analysis:

Big Picture: Solana has been trading within a band of 20.30 to 26.55 levels for about 50 trading sessions. Price in this range has now tested both the range top and range bottom several times. Solana is clinging to the range bottoms once more. If the current trend is to continue, Solana should preferably break out above the falling channel resistances. This is expected to drive price higher into higher levels. Meanwhile breach of the range lows would push prices lower in the sessions to come.

On the Upside the descending trendline resistances at 20.95 to 21.05 levels are posing a challenge to the price. These are important levels for price to break over in order to generate some intraday excitement and interest. Any strong inflow of momentum over these trendlines will result in a price surge aimed initially at 22.05 to 22.15 levels.

On the Downside Solana maintains its battle at the range low supports of 20.60 and 20.30. These are crucial supports for Solana to maintain if the price is to remain in the sideways band. However, if selling forces breach the range low supports, Solana could fall much deeper into the 19.70 to 17.40 zone, filling all potential inefficiencies.