4-Hour Analysis:
Big Picture: Solana saw another session in which price struggled. Solana is trading below the mid-range levels, which will keep it under the grasp of sellers who are seeking to re-target the range lows. Solana has been stuck in this range for more than 95 trading sessions. The breakout direction will determine Solana’s future trend.
On the Upside Short-coverings yesterday boosted the price closer to the mid-range levels, but immediate pressure pulled it back down. The session’s initial resistance is at 22.65, followed by 22.80 and 23.40. To trigger a scenario of panic short-coverings strength above 23.40 remains essential.
On the Downside the pressure is visible, with sellers attempting to break below the 22.15 to 22.05 support levels. However, they have yet to achieve this in a compelling manner. This is a significant support level for Solana, as a break of it will very certainly trigger another decline, with the 21.90 level first, followed by the 21.30 to 21.20 levels.
