1-Day Analysis:Big Picture: Solana has remained in a range-bound to mild sell-off mode since testing the 50% Fibonacci retracement. Price has repeatedly challenged the EMA-200 during the past three sessions and is seeking to do it again in the current session. Bulls must hold onto this EMA for a bit longer in order to reverse this pressure and initiate a move higher. Although it remains very volatile in this range, bulls have the responsibility of holding the EMA for the session.
On the Upside Solana would continue to find resistance at 22.40 and 22.60. This resistance zone is critical for the bulls to overcome, as it will assist in momentum developing, which will then contribute to the strength for price to strive for the 23.50 to 23.80 levels next. As long as bulls are constrained by this barrier, momentum will stay weaker.
On the Downside buyers have managed to keep the price around the EMA-200 zone. They have been continually challenged, but despite the current pressure, buyers have been able to manage the price and keep it from experiencing any large sell-offs. On the other hand, if the session concludes weaker today, Solana might face some extended drop, initially towards 21.20 followed by 20.30 levels.
