4-Hour Analysis:
Big Picture: Solana maintains its ascending channel. However, it has failed to create any sustainable positive swings. Sol is struggling to hold onto its gains as price increases are quickly countered with equally strong selling pressures. A similar situation exists on its relative strength index, as the indictor is once again knocked down by the 70 level barrier.
On the Upside intra-day resistances at 41.10-42.30 have recently been causing issues for the price. If Sol can stay above this level, the chances of another price spike grow. Sustaining 42.30 will most likely open 44.40, followed by 46.20, and eventually 47.85.
On the Downside the price is still receiving significant support from the channel. Solana has been hanging to this level of support for quite some time. As a result, this level is becoming increasingly important. Solana’s support levels are presently around 39.20, followed by 38.00-37.70. These strong supports are reinforced by further supports at 37.30-36.40.
