1-Day Analysis:
Big Picture: After breaking below the key supports levels, Solana continued to consolidate just below these supports and avoided any major sell-offs. This gave buyers an opportunity to reclaim their lost levels. Price displayed some intra-day aggressiveness in yesterday’s session by reclaiming one of the crucial levels while being rejected off the second critical level. Volatility may continue high as both sides compete to protect their positions and acquire a short-term advantage.
On the Upside bulls ended yesterday’s session above the 19.65 barrier mark. Price, on the other hand, soared past the resistance level of 20.30 but failed to retain the momentum and eventually closed slightly below this level, indicating that sellers remain active above this level. Price would need to break over 20.30 once again in order to resume its upward trend. Breaking through 20.30 allows the price to make its way towards the 20.80 level, followed by the 21.90 to 22.15 levels.
On the Downside after closing below 20.30 in the previous session, price is experiencing intra-day pressure and is falling back towards 19.65. Solana will have an important re-test of this level, and if price holds this level strong once more, it will confirm as re-addition of support. However, if bulls fail to turn this level back into a support, selling could resume and push price lower into the supports of 18.80 and 17.60.
