SOL-“Sellers Active”

4-Hour Analysis:

Big Picture: After several weeks of battling the range lows, sellers were eventually able to break below that support level. Prior reports stated that bulls were responsible for protecting their key support level. Buyers have now went off the level after a few weeks of challenging contests with sellers, allowing prices to fall. Going forward, there are still supports below, and the pattern holds valid. Sellers are now encouraged to exercise risk management and, ideally, book profits on any weakness.

On the Upside Solana may retest recently lost support levels from previous range lows. Over the previous three months, this region has provided the strongest backing. If bulls re-test and eventually retake this level, a deviation will be confirmed, which will feed aggressive rounds of short-covering and drive the price further higher. This resistance is located between 20.00 and 20.30. If this is broken, the upside is extended back into the 20.80 and 21.30 levels.  Any rejection, on the other hand, would be cause for concern.

On the Downside Solana moved on to challenge the lower intra-day support level around 19.20 after losing the range lows. Furthermore, the trendline support is roughly parallel to this support level. This region will have some short-coverings. However, if the selling continues and the coin loses this support, it would fall further to 18.50.