1-Day Analysis:
Big Picture: After a significant drop, Solana is caught between intraday support and the retracement level above. For the previous several trading days, price has been floating sideways as sellers take a breather and buyers are hesitant to step up just yet. A better base foundation on lower time frames is required for price to recover. Consolidation is likely to continue unless that happens.
The Upside remains unchanged as price continues to face initial resistance from the 15.70 level. This level yesterday prevented Solana from making any significant progress. Solana must retake the 15.70 level in order to have stronger rounds of short-coverings. As doing so would result in some profit-taking from sellers looking to re-test some previously lost resistances above.
On the Downside price is receiving a similar sort of assistance from the supports below. The intra-day supports of 15.10 and 14.80, managing price on the lower time frames. While the 14.50 support level is keeping Solana from dropping sharply. This is an important S/R level for Solana, as breaking it historically had culminated in a significant upward momentum for Solana towards the 26$ level. This support has the potential to cause intra-session short-coverings, thus active risk management is suggested around it.
