SOL-“Sellers in Charge”

1-Day Analysis:

Big Picture: Solana is still crumbling after losing its range-lows. Nevertheless, the selling was quite severe yesterday, with multiple support levels shattered. Solana is expected to remain under bearish grip, while any short-term upsides fueled by short-coverings will again be used as an opportunity to short-sell.

On the Upside the previously recognized levels of support are likely to become primary resistances now. Price is set to confront stiff resistance between 17.40 and 17.50 levels. Above these, the next resistance levels are at 17.90 and 18.50. If price recovers over the next few hours or sessions, it is anticipated to be limited at these levels.

On the Downside the price is now vulnerable to the 15.30 to 14.90 support level. So far, there is some minor support at 15.80 level which could lead to aggressive short-coverings due to indicators extremely oversold circumstances. Any short-term gains will almost certainly be due to short-covering. Additionally, Solana must forcefully hold the 15.30 to 14.90 support levels, or else the downside could swiftly expand to the 14.10 to 13.90 level, and even deeper into the 11.40 to 11.20 support levels..