SOL-Weakness Remains

4-Hour Analysis:

Big Picture: Solana’s fragility was once again visible as the price failed to break above the mid-range levels. Furthermore, the price recovery around mid-levels tested and got rejected by the 61.80% Fibonachhi retracement level. Going forward the selling pressure still remains and could force price in testing lower-supports before any fresh bullish momentum build up.

On the Upside the resistance levels of 20.30 to 20.60 have reappeared. This region has effectively served as a distinguishable S/R level for Solana. Buyers maintained control whenever prices traded above these levels, and vice versa. These are the primary levels of resistance for the sessions. Above them, the session’s next resistance comes from the EMA-50 level at 20.85, followed by 21.05.

On the Downside Solana went on to test the 19.30 level and took a fine support from that level. It was mentioned previously that this level was likely to partially ease down the selling pressure as short-coverings were expected at the level. The session will continue to be supported at 19.30. Below this level, the next two supports are at 18.80 and 18.50.