1-Day Analysis:
Big Picture: The presence of buyers at the support level has protected and released fresh demand, allowing price to maintain the support levels, but even after several pushbacks, Solana has totally failed in putting together any continuation higher. This is a sign of concern for the bulls, and at this rate, support levels are expected to weaken and could possibly collapse as well, perhaps leading to a fresh round of selling.
On the Upside Solana failed to break beyond the resistance level of 20.80, limiting any additional upward potential. Price has been unable to break through this line of resistance since Saturday. Bulls must break over 20.80 resistance level in order for Solana to re-expand its upside into the 21.90 to 22.15 range.
On the Downside this is the fifth consecutive session in which the price has tested the support area of 20.25 to 19.65. If bulls are progressively absorbing selling pressure around this support zone, they must hold strong at this level and avoid any deeper penetration to push sellers into exhaustion. If the price begins to penetrate deeper into this region, this would be an indication of weakness in this support.
