SOL-“Wait and See Approach”

1-Day Analysis:

Big Picture: Price reclaimed the 19.65 level but for only a brief moment. Solana has continued to lose some supports since being rejected by the EMA-50. Price has lost some momentum since then, but the tides may turn again in favor of bulls if Solana can build a foothold above the 20.30 mark. Otherwise, the gradual and steady decline would most certainly continue.

On the Upside the primary hurdle for the session is at 19.65. Price has nearly challenged this level on a regular basis over the previous four days after breaking below it. On neither instance, though, were the bulls able to show some strength around it. This will continue to be the session’s principal barrier. Above this is the horizontal level of 20.30, as well as the EMA-50, which now almost corresponds with this horizontal mark. If bulls are to overturn the bearish patterns, they have to keep sustainable strength above 20.30.

On the Downside the support levels of 19.30 to 19.20 remained especially solid throughout the weekend. These support levels have made it tough for the sellers to breach price lower despite them losing the important level of 19.65. As long as these supports hold, the downside is protected. On the other hand, if bulls fail to regain strength beyond 19.65 to 20.30 levels, the support zone of 19.30 to 19.20 is likely to become vulnerable and may break, paving the way for 18.70 to 18.50 levels to follow.