12-Hour Analysis:
Big Picture: The selling pressure overwhelmed the intra-day supports which triggered another strong sell-off. Solana had to climb above the 37.40 levels to have avoided this situation. Going forward June’s lows have been tested and price has wicked lower to grab all the lower liquidity. Now with this liquidity grabbed Solana can post a partial recovery.
On the Upside the selling pressure overwhelmed the intraday supports, resulting in another sharp drop. To avoid this situation, Solana had to climb above the 37.40 levels. Going forward, the June lows have been tested, and the price has plunged lower to capture all of the lower liquidity. Solana can now post a partial recovery thanks to the liquidity it has acquired.
On the Downside Solana has been testing the support levels of 27.00-25.80 from June. These are still strong support levels that will keep the price supported. If these levels are breached, Solana is likely to fall further towards 25.50, followed by 24.
