4-Hour Analysis:
Big Picture: Solana reacts to intraday support levels by initiating fresh rounds of short-coverings. The corrective surge pushed the price to the previous range lows. The immediate reaction is as expected, with pricing seeing initial rejection. If Solana monitors significant short-coverings again in the next few hours, dragging price beyond the range lows, price must maintain the range levels; otherwise, the levels will gradually lose their relevance, leading to indecisive price behavior.
On the Upside the previous range levels of 20.00 to 20.30 are currently limiting Solana. Solana also faces dynamic resistance between this zone from the EMA-32 and EMA-50, which are at 20.10 and 20.30, respectively. Without a proper base formation, bulls will struggle to reclaim this zone. On the contrary, if this zone is recaptured, expect a push back into 20.60 to 20.80, and potentially even 21.30.
On the Downside Solana is attempting to build minor intra-day supports between 19.80 and 19.70 levels. Loss of this zone, on the other hand, would put the price back under pressure and likely get it back into the 19.40 level, followed by 19.20. Furthermore, any move below 19.20 would result in the appearance of bullish divergence for the coin.
