1-Day Analysis:
Big Picture: The sellers remained solid and consistently rejected price off the resistance level of 20.30, resulting in a decline. Bulls had the task of hanging onto the supports, which they failed to do. Solana is currently showing strong selling domination. The oscillating indicators are approaching severely oversold territory, indicating significant selling pressure; nevertheless, short-covering is encouraged as price approaches supports.
On the Upside multiple intra-day resistances have been formed once again. The session opening resistance is at 17.90 followed by 18.15 levels. Any partial intra-day short-coverings could get capped around these levels, however if price starts to exceed beyond these resistances, the short squeeze then could extend further into the levels of 18.65 to 19.10 levels. This is where fresh selling pressure could once again be seen.
On the Downside the intra-day support level of 17.60 is being tested right now. Price is seeing some partial short-covering from this support level, but the reaction is still weak, indicating that selling pressure is still strong. If Solana is unable to maintain this support zone, the slide will be prolonged to the 16.55 level and potentially towards 15.70.
