SOL-“Wait and See Approach”

4-Hour Analysis:

Big Picture: Solana had an uncertain session as well, with no clear path for the time being. Price is predicted to remain uncertain and to trade in rough conditions. A stronger foundation is essential for the price to regain its sustained momentum. However, for immediate momentum strength above 21.30 could play a positive role.

On the Upside Solana again attempted to recover control above the previous range lows, but was unable to sustain the move. Furthermore, the dynamic EMAs of 32 and 50 at 20.65 and 20.60 continue to exert pressure. Previously, this zone had also limited the upside. Regaining these EMAs could relieve some of the selling pressure and possibly initiate another wave of short-coverings with targets of 20.60 and 20.80. 

On the Downside unless the price rises over the 20.00 to 20.30 level, the lower supports remain exposed. Solana now has intra-day primary support at 19.80. The next supports below this level are at 19.20 and 19.00. Both of these supports have held price and caused intraday reversals. To pull prices farther down, sellers must break below the 19.00 mark, exposing lower levels in the region of 18.70 to 18.50.