SOL-“Re-Accumulation or Distribution Phase”

4-Hour Analysis:

Big Picture: For the previous five trading sessions, Solana has been consolidating inside a small range-bound environment. This current sideway channel could be an accumulation or distribution phase. However, given that this is practically the third wave of upside for Solana, the odds favor a distribution phase here. Having said that, there is still the possibility of a fourth wave of upside for this coin, which is predicted to be the last for at least the next few sessions. Furthermore, confirmation from either side is required in this circumstance.

On the Upside price has been limited many times between 24.40 and 24.95 levels. Solana’s chances of going up remain slim until he exceeds these thresholds. However, if these resistances are overcome, the next goal will be 25.50, followed by 26.50 and 27.50.

On the Downside the range bottoms for the consolidation range are at 22.20 and 21.05. These supports have held up effectively in recent trading sessions. If price fails to break through the above resistances, it is likely to breach these supports and fall into the lower supports around 20.75 to 19.80 region. These are also solid supports for Solana, which are likely to help attract fresh buying and demand for the session.