SOL-“Wait and See Approach”

2-Hour Analysis:

Big Picture: Solana brought the intra-day support levels to the test and passed right through them. Furthermore, it rapidly rebounded to those levels and was met with an immediate rejection, resulting in a huge sell-off in this pair. Buyers were supposed to grip these supports in order to avert such a catastrophe, but they did not. Solana is now trading below the psychological support level, and more sellers are still arriving, although daily levels are now in play. This might create a turbulent scenario as a result of fresh selling and others opting for short-coverings.

On the Upside several new resistances have been introduced. The initial resistance level is currently at 10.20, followed by 10.35. Solana will face pressure on these levels if it goes for a re-test. However, the day’s major resistance is set at 10.95-11.10. This level could define between regular short-coverings and panic short-coverings. Price getting above this could turn short-coverings into a panic short-covering scenario.

On the Downside Solana is currently getting 9.90 as support level. It is also attempting to keep prices above the psychological support level of $10. If buyers are successful, price may reverse back up for the day and re-test the recently lost levels. Below 9.90, the next level of support is at 9.15.