SOL-“Wait and See Approach”

1-Day Analysis:

Big Picture: Solana’s rejection from the EMA-50 was harsh. Solana has been under intense pressure from the start of yesterday’s session and has now broken the previously recaptured key mark of 19.65. Nevertheless, price is now recovering and attempting to recoup this lost level. If that happens, bulls will be relieved as price below this level would favor selling. Furthermore, the majority of the session still remains, therefore caution is advised for the day.

On the Upside the level of 19.65 serves as the session’s initial resistance. This level was reclaimed after a few good tries, but bulls were unable to hold onto it. As a result, this will be the resistance once more. Above this, Solana faces an intra-day challenge at 19.80, followed by substantial congestion levels of 20.30 to 20.50. Strength over 20.50 strengthens the pair’s outlook for the upcoming session.

On the Downside As the price approached the levels of 19.30 to 19.20, it found support. This was noted as the next level of support for Solana. These levels are now positioned as primary supports. While the next supporting layer below these levels is between 18.70 and 18.50. This range between 18.70 to 18.50 was originally the levels which bulls held that later lead to a decent corrective rally.