4-Hour Analysis:
Big Picture: As the price went below the 19.00 barrier, Solana encouraged fresh demand; however, that aggression has been missing at higher levels. Solana is maintaining its intraday supports, but any new purchasing or big waves of short-covering are not being tracked to drive the price higher. Above the 20.30 mark, Solana may experience a shift in sentiment. Unless that level is recaptured, the overall trend favors sellers, therefore buyers are still hesitant to make any aggressive movements.
On the Upside Solana’s attempts to gain are hampered by intraday resistance levels of 19.40 and 19.50. Furthermore, at these levels, this region now has trailing EMAs of 32 and 26. Solana’s conditions are projected to improve once the price exceeds these thresholds. Failure to do so would maintain price under pressure.
On the Downside the support level of 19.20 is still in place and have been keeping the price from falling further. Despite a single outlier, no candle has been able to close below this support level, and even if it has, the confirmation candle has immediately regained it. To maintain their momentum, sellers must break through this support level, dragging price down to lower supports around 18.50 and possibly as low as 17.80.
