Big Picture: Solana’s weakness is visible as long as it trades within the declining channel. However, Solana’s selling pressure has ceased after testing the channel support, and the price is presently stabilizing above the intra-day support as well. If this consolidation continues for next several hours, a corrective upside might occur, aiming for the intraday resistances above.
On the Upside price is being trailed by quicker trailing EMAs of 12 and 22. Climbing above them would be required to see higher levels and the onset of a corrective phase, which may pull prices up to 19.20 and 19.80. While the previous range lows above 19.80 represent a strong resistance level for Solana, it is possible that fresh selling pressure could be discovered.
On the Downside Solana is now protected from channeling any lower by the channel support and the horizontal support at 18.50 and 18.30. These are solid session supports, and maintaining them would reduce additional downside risk to a minimum. For the time being, additional decline is unlikely until price begins to display pressure below the 18.50 mark. While a break below 18.50 is required for Solana to test the daily support level of 17.40.