SOL-“Wait and See Approach”

4-Hour Analysis:

Big Picture: For the previous session, Solana was under selling pressure. It is on the edge of breaching the trendline-based supports, and doing so could result in additional selling for the pair. The overall price is in the middle of the range. Holding these levels would most likely assist the price recover, but dropping any lower will favor sellers as they strive for the range low supports around 21-19.80 levels.

On the Upside Solana has lost the EMA-50 level again. At 24.10, this level is once again acting as a resistance. Reclaiming this will be required for Solana to make any recovery. Reclaiming this EMA can accelerate the recovery process and re-target the 24.90 level.

On the Downside Solana almost took support from the 23.05 level on the downside. This was viewed as a major intra-day support level for the price. Price, on the other hand, is still struggling to rebound and is maintaining the trendline-based support at 23.60. If this support does not hold, a re-test of 23.05 to 22.95 is expected. If Solana breaks through these supports then it can fall towards 21.90 level next.