4-Hour Analysis:
Big Picture: Solana tapped a significant supporting zone that has been holding the price over the previous few sessions. Similarly, despite repeated tries, the price received a good response from this region. The current consolidation is still forming an ascending triangle pattern, which often indicates continuation following breakout. However, confirmations are still required.
On the Upside there are a few resistances present above that are now exerting pressure on the price. The primary resistance level is 56.15, followed by 56.90. Above this, however, there is early congestion at 58.50 to 59.80, followed by intra-day obstacles at 60.90 and 61.90. A clear show of strength above these levels is required for price to regain its momentum. Otherwise, price is expected to face significant profit-taking whenever it hits these levels.
On the Downside the price has been able to be protected once again by the supporting range of 55.05 to 53.05. Price first breached the EMA-100 level again, but it is now striving to reclaim that lost support as well. Solana’s further fall is likely to be averted as long as it maintains current range and the trendline supports.
