1-Day Analysis:
Big Picture: In yesterday’s sessions, the bulls were unable to convert the setup into a bullish checkmate. Price instead fell and retested the 50% Fibonacci support, which ignited the ongoing recovery. There is still a chance that Solana could follow the AB=CD Pattern and aim for higher levels. However, bulls must find some acceptance above the 20.30 mark in order to do so.
On the Upside Solana will encounter immediate resistance from the 19.30 to 19.20 levels, which were previously a good support level. If yesterday’s drop was more of a manipulation, price should ideally retake control above this level. Reclaiming 19.30 with strength would confirm the deviation and maybe allow for re-tests of 19.65 and 20.30 levels. While strength over 20.30 greatly enhances Solana’s short-term outlook.
On the Downside price was close below the 18.70 to 18.50 level. Due to the presence of 50% Fibonachhi support at 18.95, Solana recovered before testing the horizontal supports. For the session, this remains the key support, followed by levels ranging from 18.70 to 18.50. If Solana reclaims the 19.30 to 19.20 levels, those levels are anticipated to take over as main supports for the session immediately.
