2-Hour Analysis:
Big Picture: The first reaction off the trendline was really forceful, but buyers were unable to convert that strength into anything significant. Price quickly printed an evening star candlestick pattern, which overpowered the hammer candlestick, causing another sell-off. Solana is still clinging to trendline-based supports and may fall further if these supports are compromised. To avoid this, the trendline should ideally remain valid, and the price should move over the 2-hourly EMA-200 to build some sustainable momentum.
On the Upside resistances between 13.60 and 13.70 levels have been added. This location will produce pricing barriers whenever tested. The next level of resistance is visible above this is at 13.95 to 14.05 levels. Solana had previously invested considerable effort to retake control above these levels, and same tenacity will be required yet again. Furthermore, 14.40 remains a significant threshold for Solana.
On the Downside Solana’s trendline-based supports of 13.30-13.40 remain in place, but are being pushed down by selling pressure. If they are lost, the price will swiftly fall to the 13.00-12.75 range. Around these supports, decent intraday short covering is expected, but aggressive new buying is unlikely.
