4-Hour Analysis:
Big Picture: Solana was expected to re-test the range lows as a result of the previous rejections. Price is now testing this supportive zone, and with the exception of a single breakdown, these range lows have successfully supported price for almost three months. Holding onto these supports will be critical for buyers, as any pressure accumulation below these levels might lead to a price breakdown below.
On the Upside several new resistances have been developed along the way. The initial resistance level is currently at 20.80. Following this, the price will find more resistance between 21.20 and 21.30. Moving above these levels would relieve selling pressure and encourage aggressive short-covering, which would then spark further upside. Strength exceeding 21.30, on the other hand, is critical for the session.
On the Downside Solana is still seeing solid support from the lows in the 20.30 to 20.00 region. These are critical levels of support to maintain. Any major pressure below them might result in very heavy sell-offs, with initial targets of 19.20, 18.50, and further lower into the daily level support.
