SOL-“Wait and See Approach”

4-Hour Analysis:

Big Picture: The 50% Fibonacci retracement level rejected Solana with a force. After hitting this level, the sell-off evolved into a brutal shape, breaching all intra-day support levels with little effort. The price movement has since been disrupted by hyper selling. Solana may remain under pressure or experience tremendous volatility.

On the Upside the prior range lows have been reconfirmed as resistance levels. Previously, reclaiming these levels pushed Solana to make a strong corrective move, taking price all the way to the 22.15 level. This level is presently being tested once more. Strength above it would offer potential for upside back into the 20.60 to 20.80 levels, with room for higher levels.

On the Downside price slid back towards the intra-day support level of 19.20 after losing the range lows. The support level was strong enough to withstand panic selling and reverse the price. This level will remain the primary support level for the sessions. And for sellers to remain aggressive, they must breach this support; only then will the price be exposed back towards the recent lows of 18.70 to 18.50.