4-Hour Analysis:
Big Picture: Despite significant pressure, price was able to retain the supporting zone, which later resulted in yet another rise upward. Volumes have once again seen a significant increase, indicating not only short-covering but also waves of fresh buying. Meanwhile, on a daily time-frame, Solana remains in an ascending triangular pattern and could point to a potential continuation higher if momentum is maintained.
On the Upside price is testing intraday resistance levels of 60.90 and 61.90. The first reaction to these levels has resulted in some quick profit-takings. These are some of Solana’s stronger rounds of resistance. Meanwhile, if bulls can overcome these obstacles, prices will most certainly aim for the 63.95 level. A stronghold above 63.95 could lead Solana back towards being aggressively bullish.
On the Downside a number of new intra-day supports have been established. The pair is initially protected between 59.70 to 59.15. Previously, this region served as the primary congestion level, negating a number of moves higher. Price may re-test this zone as support, and if this region is held, momentum is likely to be sustained; but, failure to hold this supportive region could expose price to lower levels, first towards 56.50, and possibly back down into the 55.05 to 53.00 range.
