SOL – “Ranged-Bound”

1-Hour Analysis:

Big Picture: Solana will remain dull for another session as the price trades within a very narrow range. It must either re-test lower supports or react to them in order to provide better trading conditions, or it must climb above the mid-level with strength in order to open a better tradable range. It is currently operating in a no-man’s land. Traders should avoid trading in between levels and instead wait for better opportunities.

On the Upside Solana is up against a number of obstacles. It is currently trading below the hourly EMA-50 as well as the EMA-100. As it approaches these levels of 13.85 and 14.25, it will encounter resistance. Above these, the next level of resistance is seen at 14.50-14.80, followed by 15.10. Breaking these levels will require strong resolve from buyers, but overcoming these obstacles will take Solana to 16.20 and 16.60.

On the Downside several intra-day levels have been breached, and supports have been lowered once more. The initial support level is now at 13.40, followed by the 13.00 level. The next supports are located at 12.50 to 12.10 levels. These are much more dependable and solid supports, and when tested, expect a positive reaction.