2-Hour Analysis:
Big Picture: Solana, after the severe sell-off, remains in a sideways trend. Sellers pulled back as oscillating indicators have hit very oversold territory, falling below the 20 level on various time frames. The trend was so powerful that neither support level could hold before the daily demand zone was tested. However, good supports are forming at lower levels, which could tempt bulls back on charts to drive price higher, even if just for a corrective phase.
On the Upside Solana faces immediate resistance from the EMA-32 and trendline barrier at 14.90. Above this level, there is another significant resistance level in the shape of the EMA-50 at 15.10. If Solana is to reach higher levels of strength, it must re-establish itself above these quicker trailing EMAs. If Solana succeeds, it will move towards 15.65, followed by 16.05 levels. While a break over 16.05 opens the door to the 17.40 level next. However, significant momentum must be established before the upper levels may be tested, otherwise the moves will remain unsustainable.
On the Downside the lower supports are also starting to take shape. The daily support level of 14.50 stays stable. While on a lower time frame, reasonable supports are forming at 14.20 to 14.00 levels. However, beneath these intra-day supports, the price has a daily demand zone between 13.50 and 13.00, which previously held the selling.
