SOL-“Solana under Pressure”

1-Day Analysis:

Big Picture: Solana loses the crucial EMA-200 level yet again. This will be a short-term setback for the bulls, who were expecting considerably higher levels in the following sessions. Only reclaiming the EMA-200 level improves the short-term outlook; otherwise, price is under the influence of sellers, who may be aiming for lower intra-day supports in the coming hours.

On the Upside the bulls struggled to retake the resistance levels of 22.40 to 22.60. Another intra-day drop has resulted from the failure to demonstrate any strength. The EMA-200 level is the major barrier for the session at 21.85. Above this level, there is another significant resistance between 22.50 to 22.60 levels. Any significant squeeze higher would be visible on stronghold over 22.60.

On the Downside the price has returned to the 21.20 support level. Following the loss of the EMA-based support, a larger scale of selling was observed, which culminated when the price challenged the level of 21.20. Price is currently experiencing several rounds of short-coverings, which are marginally pulling price upward. Throughout the session, the key support stays at 21.20, followed by levels ranging from 20.30 to 20.00.