4-Hour Analysis:
Big Picture: For Solana, the harsh conditions stayed in the spotlight. Furthermore, the rejection from the previous range lows was substantial this time, triggering a major sell-off for the session. Solana is most certainly trading in a declining structure with downward momentum as bears have total control of the trend. The momentum is expected to remain weak as long as the channel isn’t breached.
On the Upside any present push would be a corrective phase with freshened opportunities for initiating additional shorts. The initial resistance for the session is at 18.80, followed by 19.00 and 19.20. Strength over 19.20 could have an important role in reducing Solana’s selling pressure. Regaining this level would likely reduce selling pressure and encourage short-covering.
On the Downside After breaking multiple intraday supports, the price is presently approaching the 18.50 level. Furthermore, this level is accompanied by the channel bottom support, which has been challenged six times in the previous several weeks, with each test triggering a reversal. Again, price has reacted strongly to this level, but a stronger foundation is required to trigger any short-term reversals. Losing this channel support, on the other hand, will be another blow for the bulls, who are expected to lose further ground and see price fall to lower levels at 17.40.
