SOL-“Wait and See Approach”

4-Hour Analysis:

Big Picture: Solana is likely to end the year with a big drop from the All-Time High. The pair has been under strong selling pressure for the previous several sessions. The price has been falling drastically. However, massive short-coverings have been observed on lower time frames from the lower support zones. The previous report anticipated such a move. Price is expected to remain very volatile and choppy throughout the session.

On the Upside another session with several resistance additions. Solana will now find early resistance near the 9.15 level, followed by the 9.90 zone. Above them, a significant resistance has been established around 10.90-11.10 levels, which have lately been challenged and provided a strong first rejection. This region is expected to be the top for the day, with any intra-day efforts above it being limited.

On the Downside 8.85 might be used as the primary intra-day support level. However, given the present volatility, the major supports are expected to continue between 8.15 and 7.60. Traders should avoid putting themselves in no-man’s land.  It is preferable to take a wait-and-see approach with aggressive profit-taking.