SOL-“Wait and See Approach”

4-Hour Analysis:

Big Picture: Despite the mounting pressure, Solana was able to respond to its range of low support levels once more. The intraday resistance region, however, has once again restrained the rise. Solana has experienced price activity inside a pretty narrow range throughout the last few trading sessions. Once one of these levels is breached, the price is projected see expansion.

On the Upside bulls are seeing significant resistance between 21.20 and 21.30. A break above this level could signal the start of a potential pattern breakout aiming the 22.15 level, with room to the mid-levels at 23.40. However, there are still intra-day resistances to be found between 21.50 and 21.80.

On the Downside the initial support level of 20.50 stays unchanged. The all-important range lows are present below this level. Bulls have been defending this support zone for some months now, and if they can do so for the next several weeks, a powerful squeeze to the upside remains possible. In contrast, giving up this supportive region would cause a drop into the 19.20 level, followed by 18.50, with room for even lower levels.