4-Hour Analysis:
Big Picture: Failure to rise above the prior range lows has resulted in further decline. Despite selling, Solana has maintained the descending wedge pattern. Furthermore, price is now beginning to see the emergence of demand on sell-offs. Solana has reversed aggressive selling twice inside a few hours. In addition to this demand, the price is experiencing the appearance of bullish divergence, which might lead to aggressive short-covering and some price relief.
On the Upside expect intra-day humps between 19.40 and 19.50 levels. Surpassing this zone would allow for a return to 19.80 and possibly a re-test of the prior range lows of 20.00 to 20.30. These are significant levels, and the price reaction in this zone would be very important as well.
On the Downside previously, the price fell below the 19.20 support level, resulting in yet another sell-off. As a result, Solana experienced additional selling and fell just short of testing the support level of 18.50. Price fell below the 19.00 level twice, but neither time was a candle able to close below it. 19.20 is back as intra-day support for the session, followed by 18.50. If 18.50 is broken, the downside will be extended to 18.20, followed by 17.80.
