SOL-“Sell on Strength”

1-Day Analysis:

Big Picture: Solana has a long way to go before it becomes bullish again. However, after facing rejection from the prior range lows, Solana has dropped by a massive 35% in just a few sessions. Solana’s oscillating indicators on the daily time period have reached severe oversold levels. The Relative Strength Index (RSI) is at its lowest level since early January 2023.

On the Upside the 15.70 level, which is the 25% retracement level of the developing range high and range low, will serve as early resistance. Surpassing this level put Solana back towards re-test of higher levels around 16.20, followed by 16.50 and 17.10. This is where major resistance is expected to be observed, and this level may also create fresh short positions.

On the Downside failure to surpass 15.70 could reintroduce intraday pressure, aiming for lower levels and filling the inefficient candle produced on June 10th. However, for the session the intraday supports are visible at 15.10 and 14.80. If they are lost, the downside would be extended towards 14.50 and 14.20.