4-Hour Analysis:
Big Picture: Price spends its longest duration below the range lows in around 70 trading sessions. If bulls are looking for a deviation around this zone, the range levels should see acceptance in the next couple of sessions. Any sustained pressure below the range lows would add to the already prevailing pressure. Furthermore, another session has passed with price rejecting the prior range lows.
On the Upside the corrective push was once again capped by the prior range lows of 20.00 to 20.30. Price immediately rejected the trailing EMA-32 level and pushed downward after failing to breach it. As previously said, unless this zone is reclaimed, Solana’s potential is severely restricted and unsustainable.
On the Downside if the above range levels continue to prevent price from rising further, Solana will face further selling pressure. Multiple failures are already visible, necessitating aggressive risk management. The support levels of 19.20 are still legitimate and holding price; however, if selling pressure ends up overwhelming these supports, a fall lower with targets around 18.50 and possibility for even more downside into the daily based supports remains on the cards.
