SOL-“Sell on Strength”

1-Day Analysis:

Big Picture: Solana has failed to seize any momentum or strength to generate intraday relief. Any upward surge for the time being is met with strong pressure, causing the price to swiftly fall again. However, Solana is currently in much oversold territory, and any strong selling might swiftly attract short-term demand, causing panic short-coverings and penalizing late short-sellers.   

On the Upside Solana has added to minor intraday resistance levels at 14.80, 15.10, and 15.35. Intraday surge over 15.35 would push price back towards the 25% retracement level of 15.70. However, sustainable strength over 15.70 is required to push for panic short-coverings and a corrective phase.

On the Downside Following yesterday’s selling push, Solana found support at 14.50. Solana dipped further during the session but failed to close below 14.50 on the daily candle. This level, along with 14.50 and 14.20, will serve as supports for the rest of the session. Below these supports comes the daily demand zone.