SOL-“Ascending Channel”

4-Hour Analysis:

Big Picture: Regaining the intra-day level of 42.20 has resulted in a solid upswing movement. Solana is attempting to initiate that aggressive move once more. However, momentum indications are still not favoring buyers; however, if Solana can start maintaining above 47.85, the situation may shift in favor of the bulls. Failure to do so will force profit-taking once more.

On the Upside the price has hit 44.40. This is still a valid intra-day resistance level. The next level of resistance indicated above this are at 46.00, followed by 47.85.

On the Downside 42.20-41.10 are back in service as initial intra-day supports. If they’re able to hold the price, Solana can maintain its intra-day strength; however, losing these supports exposes price back to the channel-based support at 40.20-38.50.