4-Hour Analysis:
Big Picture: The volatile conditions on Solana continue as it battles between crucial levels. Price is showing symptoms of pressure off the EMA-200, although it has taken good support from recently recaptured support levels. Sol must break through the EMA-200 barrier. If this is accomplished, the momentum will turn to the positive side. Multiple rejections, on the other hand, could halt the momentum and allow for a re-test of lower support levels.
On the Upside Significant resistance is evident off the EMA-200 level, which is currently at 41.10. There have been a few efforts to break through this level, but bulls will need more strength to reclaim it. A strong hold above the EMA-200 would likely extend the upside to 42.20, 44.40, and 47.80.
On the Downside EMA-50 is currently serving as a strong support level. This is another another encouraging sign for Solana. Furthermore, the recently re-established levels of 37.40-35.90 have provided a robust bounce upon testing. These are good levels of support, but losing them would expose Sol to lower levels of support. These supports can be found at levels 33 and 31.
