1-Day Analysis:
Big Picture: Despite having triggered a significant sell-off, the sellers remain active and continue to put pressure on the price. Yesterday’s session began weakly and proceeded to test the support levels below, which, as anticipated, sparked some short-coverings, forcing the price to rebound. Buyers have been stepping up at the support levels, but they are still refraining from competing with sellers in open space. The current activity suggests some volatility in the sessions to come.
On the Upside Solana has added a couple new intraday resistances. The first level of resistance is presently at 21.25, followed by 21.55. The next phase of resistance will be between 21.90 and 22.15. These levels will act as strong intra-day resistances for Solana, causing problems for the price to proceed. While on the higher time frame, the key resistances are visible from 22.40 to 22.85 levels. To counteract the current selling pressure, Solana would need to build a sustainable dominance above these resistance
On the Downside Solana will continue to have strong support from levels ranging from 20.30 to 19.60. The intraday sell-off from yesterday was likewise halted at this level. Solana has received significant backing from these levels twice in the last few days. Going forward, if sellers are to experience greater price drops, breaching below this support level will be required; else, a stronger wave of short-coverings may begun.
