4-Hour Analysis:
Big Picture: Solana is under pressure and is beginning to struggle at the range lows. Price is under tremendous pressure, and it may breach these supports. Buyers must step in and preserve this level if these supports are to last longer. If this supporting range collapses, Solana will see lower levels in the next days.
On the Upside 20.60 has begun to establish itself as the session’s opening resistance level. Above this price, the EMA-50 resistance level is at 21.10. Until Solana flips EMA-50 as support, momentum creation is unlikely. Furthermore, strength above 21.10 could lead to aggressive intraday short-coverings, fueling a drive into higher levels once again, first targeting 21.50 to 21.70 levels breaking, which could lead to a re-test of 22.05 to 22.15 levels.
On the Downside meanwhile, the price is clinging to the 20.30 support level. This is a critical support level that must be maintained for Solana to attempt any upward moves. If selling pressure develops below this support level, Solana could fall further into 19.75, followed by 19.30 levels. Expect partial intra-day short-coverings at these levels.
