SOL – “Test of Lower Supports Likely”

1-Day Analysis:

Big Picture: Solana’s repeated struggles to gain acceptance into the next range have resulted in a breach of several critical support thresholds. Solana lately displayed weakness in its oscillating indications, failing to reach the aggressive bullish region. Going forward, it appears that Solana will test recent lows once more before any significant reversals.

On the Upside several new resistances are created. Initial resistance is evident between 32.40 and 33.70. These levels have recently served as extremely strong supports and are now expected to serve as similarly strong resistances. Further rise is unlikely unless Solana passes this level. However, a break of this would take us to 37.70, where the Daily EMA-50 is also likely to be spotted.

On the Downside supports between 30.10 and 29.20 are now shielding against additional slippage, but the price movement indicates significant weakness unless it regains momentum over 37.30. However, failure to hold these supports would expose the price to the lower support at 27.50-26.00.