4-Hour Analysis:
Big Picture: Prior reports had stated that the price being so near to the resistance zone and in such a long-term consolidation box warrants caution at range highs. Along the range high levels, buyers encountered significant selling pressure. Furthermore, the sell-off accelerated when Solana fell below the mid-range levels. Going forward, Solana must re-establish a grip above the mid-range to partially halt this selling spree.
On the Upside the mid-range level has resurfaced as a level of resistance. This level at 23.40 must be reclaimed for price to offset the selling pressure and remain open to any upward surge. Stronghold at 23.40 would reopen levels of 24.25 and 25.00. A powerful profit-taking environment might be generated at 25.00 once more.
On the Downside the intraday supports of 22.15 to 22.05 have prevented the price from sliding further. These will be vital points of support, since losing them would expose Solana to the macro-range lows. Between these ranges, there will be some support at 21.90, followed by 21.30 to 21.20 levels.
