SOL-“Wait and See Approach”

1-Day Analysis:

Big Picture: Yesterday, Solana’s volumes reached 7 session highs. As price gained momentum to the upside yesterday, volumes increased sharply; however, despite strong volumes and momentum, Solana failed to soar higher and quickly began a sell-off, wiping out all gains before finishing the session with a Doji candlestick pattern. Going forward, the indecision remains, but as price trades below critical supports, the burden shifts to the bulls, as sellers retain the edge.

On the Upside the initial resistances remain unchanged at 19.30 to 19.20 levels. Price was able to break above these levels yesterday, but were unable to create any stronghold above which resulted in a loss of momentum. A clear break over 19.30 remains necessary for Solana to test the 19.65 to 20.30 levels.

On the Downside the price has an intraday support around 19.10, followed by the 50% Fibonacci support at 18.95. These are the session’s primary supports, followed by the next support at 18.70 to 18.50 levels. As long as Solana is able to maintain above these supports, a fall back towards the previous lows remains of low probability.