1-Day Analysis:
Big Picture: The price of Solana has plummeted as a result of the crypto-market sell-off. Furthermore, it has practically returned to the range seen prior to Sol’s famous Bull Run. Price is approaching a key support level that hasn’t been broken since April 2021. On these support levels, expect price relief.
On the Upside the initial resistance level is 35.70. After that, we have significant resistance at 44.50. This was the point at which the big bull-run in Sol began last year. Hence this is likely to be a major hurdle for Sol. Furthermore, EMA-32 is near to that level, making it even more difficult for price to break through on initial attempts.
On the Downside At 22.65-18.65, Sol is reaching the critical demand area. This level is likely to halt any further losses and prompt a wave of short-covering. Furthermore, this level is as powerful as the February-March support of 80 dollars.
