4-Hour Analysis:
Big Picture: Over the last several sessions, Solana has been confined to an extremely narrow range. Both buyers and sellers are striving to protect their levels, which is keeping prices confined inside a range-bound environment. Having said that, the immediate pressure for the upcoming sessions is on the bulls, who are currently under threat of losing a major support level.
On the Upside 20.60 is being tried as a resistance once more. Strength over this level favors a short-term return to higher resistance levels of 21.05, followed by 21.30. This is where buyers have struggled for the last few days and have failed in surpassing above it. This region must be surpassed for bulls to compete at higher levels.
On the Downside the range lows are still relevant, but price is starting to deviate below these levels, even if just temporarily, indicating that the support is losing strength. To ease the selling pressure, buyers must step up and push prices over the immediate resistances. If buyers fail to show up, this level of support may well be breached, exposing Solana initially to the 19.80 level, followed by the 19.30 level, and possibly even lower.
