Big Picture: Solana has been stuck in a range between 22.05 to 20.00 for the previous two weeks. This period of consolidation will be critical in the pair’s forthcoming trending move. If price returns above the EMA-200 level, this consolidation could be interpreted as a deviation which would fuel further upside for Solana; however, if this range breaks lower, it will be perceived as a redistribution phase, potentially exposing Solana back to the 25% Fibonacci retracement levels.
On the Upside Following yesterday’s session, there have been a couple of re-additions for resistances at 20.80 and 21.25. Above these levels, Solana faces next rounds of resistances at 21.90 and 22.15. This resistance around 22.15 has been preventing a re-test of the EMA-200 level, which remains a key level for Solana’s upside.
On the Downside Price almost slipped back into the key supporting range of 20.25 to 19.65 levels after losing yesterday’s primary supportive zone between 21.30 and 21.20. This range between 20.25 to 19.65 is also serving as a range low for the current consolidation. Solana maintaining this range is critical for bulls, while breaching it is required for sellers to pull prices lower.