1-Day Analysis:
Big Picture: Solana has been under immediate pressure everytime the price began to rebound. This is mostly due to continued short-covering, and when prices recovered, the weaker hands sold onto the higher levels. However, the Bulls are presently striving for an improved recovery as they have been fighting off any potential difficulties. The Relative Strength Index indicator is approaching the resistance level, and if Solana can flip it, momentum for the bulls is anticipated to improve, allowing them to push for higher levels in the next sessions.
On the Upside Price is breaking through the 18.65 level with some success. However, Solana’s aggressiveness is being restrained by resistance levels ranging from 19.10 to 19.15. If the price can break through this level of resistance, the momentum is expected to strengthen, which may lead to some better rounds of short-coverings, which can swiftly take the price higher into the 19.65 and 20.30 levels.
On the Downside Strong intra-day supports are being created between 18.60 and 18.50. Holding this zone will help the bulls who are aiming for higher levels in the next hours and sessions. Furthermore, maintaining these levels will aid in momentum growth. Losing this supporting zone, on the other hand, would weaken the resolve and expose the price to re-testing the lower supports around 18.00 and maybe even lower into 17.60 to 17.50 levels.
