4-Hour Analysis:
Big Picture: Solana’s plunge through lower support levels continues. Selling pressure remained intense for another session, breaking through the first daily-based support level. Price is currently testing the second daily basis support level and showing indications of relief. This might very well be due to the short-coverings and oversold circumstances among indicators. Oversold conditions could spark further strong short-coverings in the coming hours, but any swift sharp recovery into higher levels will be met with selling.
On the Upside price is lagging substantially behind the faster EMAs. As a result, either the price will mean revert to the EMA range of 12 and 20 or it will consolidate for a while. The initial resistance level is 9.70, followed by 9.90. These levels should withstand initial bounces. However, if Solana returns over 9.90, it might swiftly march towards the 10.50 level, followed by the 10.90-11.10 levels.
On the Downside before bouncing, the price nearly reached the 9.15 mark. This indicates that demand has risen to this level. 9.15 is expected to be a good support level for the day. However, a close below 9.15 appears doubtful, but if selling persists, the next potential supports are at 8.15 and 7.60 levels.
