4-Hour Analysis:
Big Picture: Solana seems to have thrown away yet another opportunity for a bullish breakthrough. Price has frequently been close to a possible breakout, but bulls have always failed to create the strong momentum required to ignite the significant upside. Solana’s RSI continues to be jammed between 58 to 62. Since late December 2023, the RSI has been unable to break over this zone.
On the Upside Solana is struggling with levels ranging from 102 to 103. Once again, since January 5th, no candle has closed above this level on consecutive days. Unless price breaks over 103 and the RSI breaks above 62, there is unlikely to be any significant bullish action. However, above 103, the next resistance levels are 105.50, followed by 107.50.
On the Downside 98.50 and 97.70 are likely to come under testing once again. If Solana can hold this range, price may retest the higher levels, however, if sellers are looking for further drop in prices and momentum then breaking below 97.70 will be the key. Losing this support opens the downside back into 95.20 and 93.70 levels.
