SOL-“Attempting Break-out”

4-Hour Analysis:

Big Picture: Sol is currently attempting a breakthrough. It has established intraday control over the 4-hourly EMA-200 and now has to break through the falling channel level. Furthermore, this breakout must remain strong throughout the day to offset about any potential profit-taking occurrence. Failure to break would hold price within the triangle formation and force it to test lower supports once more.

On the Upside the intraday resistance level is 38.50. The bulls must clear this level before pushing higher. Furthermore, this level nearly coincides with the falling channel, and strength above both 37.95 and 38.50 is necessary to trigger the breakout. A successful breakout with a stronghold above these levels leads to 40.05 at first, then towards the 41-42 range, and eventually into the 47.85 level.

On the Downside initial support is seen at 36.60 followed by 35.50. Below these set of supports we once more have support at 32.40 level. This is an important support, however if Solana loses this, it will be vulnerable towards 31.80, followed by 31.10.