Big Picture: Solana’s Wow volume continues to fall, but volumes and trading activity have been strong in the previous two trading sessions. The current market conditions indicate that buyers and sellers are competing for the upper hand. Bulls had earlier recaptured an important level, but sellers intervened and halted them at the next critical level. Since then, sellers have been quite active, and in yesterday’s session, right before the session closed, they remained in total control, although bulls equally stepped up and defended against a candle closure below their recovered level. This demonstrates that while short-term hesitation prevails, sellers retain the edge in the medium run.
On the Upside Yesterday’s advances were restrained by a resistance at 20.30. Furthermore, the EMA-12 at this level has been serving as a resistance level in recent sessions. This EMA has served as top for several sessions in the previous two weeks, and it had a part in yesterday’s rejection. Solana’s important resistance for the session will be 20.30. Surpassing this range would allow the price to return towards the 20.80 and 21.05 levels.
On the Downside the support levels of 19.65 are under extreme pressure, and if this pressure continues over the next few hours, it is possible that this level may be lost as support. If Solana loses this level of support, a drop back towards 18.80 and 17.60 is possible. Following the test of these supports, some partial short-coverings can be observed.