SOL-“Ascending Channel”

4-Hour Analysis:

Big Picture: Solana eventually caused intraday profit-taking, but the 42.30 support level stopped the slippage and reversed price with a reasonable reaction. To reclaim its aggressiveness, Solana must now hold these supports and surpass the recent high. Failure to do so would just keep prices choppy between the stated levels.

On the Upside 44.40 is a solid resistance level for the day. Solana must break through this level in order to move further towards 45.20, 46, and eventually towards 47.85. This will be a fine profit-taking mark for the prices, but a break above 47.85 would shift Solana from neutral to bullish.

On the Downside 42.20-41.10 have given a solid support on its re-test. If these levels are able to hold the price, Solana can regain its intra-day strength; however, losing these supports exposes price back towards the channel-based support at 40.20-38.50.