4-Hour Analysis:
Big Picture: Solana continues to trade in uncertain territory with a limited range. Overall, Solana suggests a converging triangle formation as well as a potential falling wedge. For the time being, the formations on Solana favor a bullish outlook, although confirmation of any such action remains to be observed. Furthermore, despite being tested numerous times over the last few months, the range low level are still holding firm.
On the Upside Solana will see primary resistance between 20.60 and 20.80 once more. These levels were recently recovered but did not provide any convincing outcomes. Above them, the next resistance levels are at 21.20 to 21.30, followed by 21.50 and 21.80. Strength above the 21.30 mark has the potential to greatly improve Solana’s short-term positive outlook.
On the Downside Solana is currently vulnerable towards 20.50 and range low support levels of 20.30 to 20.00 after losing its short-term support levels. Considering the failure of a potential breakout effort, selling pressure is once again on the rise. Any breakdown below the 20.00 level could swiftly expose Solana to the 19.20 level and possibly the 18.50 level before posting any substantial rebound.
