1-Day Analysis:
Big Picture: Solana’s trend weakening triggered a strong sell-off. Solana’s months-long sideways price action between 20 and 26 levels ended up being a distribution phase. The range has now been breached, and selling pressure is still intense. Any move to the upside is expected to generate more selling opportunities, eventually targeting lower supports.
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 the initial intra-day support is at 15.10, followed by 14.50. Solana’s major support for the session, however, remains in the demand zone between 13.50 and 13.00 levels. Due to hyper selling and volatility, Solana ranges and levels have been dragged open, allowing for significant impulsive swings.
