1-Day Analysis:
Big Picture: Despite competing for the trend, neither side has been able to grasp onto it yet. Solana has been establishing a series of uncertain price candles over the previous few days. Having said that, the stakes for the bulls remain greater at these levels because little is currently working in their favor. Furthermore, if they are unable to push higher, the sellers are going to dominate the race owing to the downward pressure given by the down trending EMA’s. The sooner bulls can step up, the better.
On the Upside things remain unaltered as the resistance level of 20.30 remains in place. Price hit this resistance level in the early hours and was immediately rejected, prompting a major sell-off. To counteract the increasing selling pressure, Solana must rise above this level. Furthermore, the EMAs of 22 and 32 are nearly at these levels, and regaining them would be an added bonus for the bulls.
On the Downside the pressure continues to build at the 19.65 support level. Despite the significant selling presence, it has held quite well. However, the bulls’ inability to gain catalyst beyond it is now costing the support level. If the price falls below this level, it will likely fall towards 18.80 and possibly even for 17.60.
